A housing regime unchanged: The rise and fall of foreign-currency loans in Hungary

IF 0.4 Q4 SOCIOLOGY

Corvinus Journal of Sociology and Social Policy Pub Date : 2019-12-31 DOI:10.14267/cjssp.2019.2.1

A. Csizmady, J. Hegedüs, Diána Vonnák

引用次数: 2

Abstract

This paper analyses the expansion and crisis of the foreign-currency (FX) loan market and responding mortgage rescue programs in Hungary, assessing changes in the housing regime. We argue that the existing, malformed housing regime has not changed significantly and remains vulnerable to similar events. During the economic growth of the 2000s, mortgage based growth seemed feasible for both institutional actors and individuals; a shared narrative emerged. As FX loans became unaffordable after 2008, conflicting interests in placing blame and paying for losses lead to the fragmentation of this narrative. We argue that the coping strategies and broader behaviour of the participants reinforced the disproportionate elements of the housing regime. After 2015, housing policies again rely on economic stabilisation, now subsidised by the EU, incentivizing market solutions for private home ownership and disregarding the experiences of the past decades.

查看原文本刊更多论文

住房制度不变:匈牙利外币贷款的涨跌

本文分析了匈牙利外汇贷款市场的扩张和危机，以及应对抵押贷款救助计划，评估了住房制度的变化。我们认为，现有的畸形住房制度没有发生重大变化，仍然容易受到类似事件的影响。在2000年代的经济增长期间，基于抵押贷款的增长似乎对机构行为者和个人都是可行的；出现了一个共同的叙述。随着2008年后外汇贷款变得负担不起，指责和赔偿损失的利益冲突导致了这种说法的碎片化。我们认为，参与者的应对策略和更广泛的行为强化了住房制度中不成比例的因素。2015年后，住房政策再次依赖于经济稳定，现在由欧盟补贴，激励私人住房所有权的市场解决方案，并无视过去几十年的经验。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Corvinus Journal of Sociology and Social Policy SOCIOLOGY-

CiteScore

0.50

自引率

0.00%

发文量

审稿时长

24 weeks

期刊介绍： CJSSP is an edited and peer-reviewed journal, published in yearly volumes of two issues. It publishes original academic articles, research notes, and reviews from sociology, social policy and related fields in English. It invites contributions from the international community of social researchers. The journal covers a widerange of relevant social issues. It is open to new questions, unusual perspectives, explorations and explanations of social and economic behavior, local society, or supranational challenges. Strong preference is given to problem-oriented, theoretically grounded empirical researches, comparative findings, logical arguments and careful methodological solutions. CJSSP aims to respect publication ethics, thus has adopted current best practices to counter plagiarism. The submitted articles are analyzed during the review process, and papers subject to plagiarism are rejected. Also the authors are to comply with the referencing guidelines outlined in the relevant section. The journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge. With similar objectives we do not charge authors for the publication of their articles. Articles submission and processing is free of charge as well. Users can use and build upon the material published in the journal for non-commercial purposes.