The Role of Mortgage Subsidies in the Croatian Economic Growth Strategy: a Political-Economy Approach to the SSK

Q2 Social Sciences

Critical Housing Analysis Pub Date : 2023-06-01 DOI:10.13060/23362839.2023.10.1.553

Alejandro Fernández, Gojko Bežovan

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引用次数: 0

Abstract

Since 2017, Croatian housing policy has focused on promoting homeownership through the SSK programme – a form of mortgage subsidisation that covers a proportion of housing costs. Although this policy aimed to improve affordability and increase homeownership, a recent economic evaluation has shown that the SSK has in fact contributed to rising house prices and has been ineffective at raising the homeownership rate. While econometric research has identified the impact that the SSK has had on house price volatility and affordability, the underlying factors leading to the implementation of this subsidy, as well as its broader societal impacts, remain under-researched. Through a political-economy lens, this paper analyses the context that led to the inception of the SSK, its core targeting principles, and its impact on the housing market. We ask: How does this subsidy position the Croatian housing market within the national strategy for economic growth and social policy provision? We argue that this policy’s impact on housing markets is twofold. First, the SSK reinforces a shift towards financialised growth through increased asset prices. Second, this subsidy shifts the focus of social policy towards mortgage markets, thereby furthering the privatisation of the welfare state and favouring middle-income groups. This paper’s contribution resides in critically discussing the SSK beyond its stated goals and contextualising it within the broader model of economic growth dependent on private finance. Through interviews with relevant stakeholders, descriptive data indicators, and a review of policy documents, this paper characterises the Croatian growth strategy as a form of small-scale financialisation that relies on aligning social policy with mortgage markets. Finally, we position the SSK within a wider array of finance-led housing policies and suggest the formulation of a comprehensive housing strategy tailored to the broader segments of Croatian society.

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抵押贷款补贴在克罗地亚经济增长战略中的作用:对SSK的政治-经济方法

自2017年以来，克罗地亚住房政策一直致力于通过SSK计划促进住房拥有，这是一种涵盖一定比例住房成本的抵押贷款补贴形式。尽管这项政策旨在提高负担能力和增加住房拥有率，但最近的一项经济评估表明，SSK实际上导致了房价上涨，并且在提高住房拥有率方面无效。虽然计量经济学研究已经确定了SSK对房价波动性和可负担性的影响，但导致实施这一补贴的根本因素及其更广泛的社会影响仍有待研究。本文从政治经济学的角度分析了SSK成立的背景、核心目标原则及其对住房市场的影响。我们问：这种补贴如何将克罗地亚住房市场纳入国家经济增长和社会政策提供战略？我们认为，这项政策对房地产市场的影响是双重的。首先，SSK通过提高资产价格强化了向金融化增长的转变。其次，这种补贴将社会政策的重点转移到抵押贷款市场，从而推动福利国家的私有化，并有利于中等收入群体。本文的贡献在于批判性地讨论了SSK超出其既定目标的问题，并将其置于依赖私人融资的更广泛的经济增长模式中。通过对相关利益相关者的采访、描述性数据指标和政策文件的审查，本文将克罗地亚的增长战略描述为一种小规模金融化形式，依赖于将社会政策与抵押贷款市场相协调。最后，我们将SSK定位在一系列更广泛的金融主导的住房政策中，并建议制定一项针对克罗地亚社会更广泛阶层的全面住房战略。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Critical Housing Analysis Social Sciences-Sociology and Political Science

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Critical Housing Analysis is a peer-reviewed academic journal focusing on critical and innovative housing research. The journal was launched in January 2014 and publishes two online issues annually. Critical Housing Analysis is published by the Institute of Sociology of the Czech Academy of Sciences. Critical Housing Analysis aims to provide on-line discussion space for researchers who come up with innovative, critical and challenging ideas and approaches in housing-related research. The unique function of this journal is to facilitate rapid feedback on critical and innovative ideas and methods developed by housing researchers around the world. We are especially keen to publish papers that provide: 1.Innovations in methods, theories and practices used in housing-related research. We especially welcome papers applying original research strategies (such as, mixed and interdisciplinary methods) and international comparisons with a strong sense for contextual and institutional differences. Papers should provide new and fresh research perspectives allowing a deeper understanding of housing markets, policies and systems. Innovations need to be justified but they could be “work in progress”, i.e. their findings may not yet have been fully verified. 2.Critiques of assumptions, methods and theories used in housing-related research. Such critical evaluations must be well-founded (empirically or by consistently logical argument) and convincing. However, there is no particular need to provide a solution to the problems that have been identified. 3.Critiques of applied housing practices and policies in particular cultural and institutional contexts, especially for those countries that are less represented in mainstream housing policy discourse. The critical assessment of policies must be analytical, should propose new perspectives and lead to wider policy implications.