This paper asks why peripheral European countries have been particularly vulnerable to housing and mortgage booms in recent decades; how these booms have shaped their exposure to the global financial crisis (GFC), and how the GFC has affected peripheral housing finance. To answer these questions, it explores the interaction between European processes of financial integration and domestic housing (finance) policies in four peripheral countries. It argues that the EU framework for free movement of capital and financial service provision as well as the availability of cheap credit has induced a trajectory of housing financialization, which has taken two forms: funding from wholesale markets and direct penetration of foreign financial institutions. These two forms attest to a core-periphery relationship in housing financialization, whose hierarchical character came to the fore in the crisis. Peripheral European countries experienced sudden stops and reversals of capital flows, which badly affected their banking systems. Unable to solve the looming banking crises on their own, they had to turn to creditors to gain access to much needed capital. A combination of international conditionality and domestic policy responses, and the original level of mortgage debt result in different trajectories in housing finance after the crisis.

中文翻译：

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抵押欧洲周边

本文询问为什么欧洲外围国家近几十年来特别容易受到住房和抵押贷款繁荣的影响？这些繁荣如何影响它们对全球金融危机 (GFC) 的影响，以及 GFC 如何影响外围住房融资。为了回答这些问题，它探讨了欧洲金融一体化进程与四个外围国家的国内住房（金融）政策之间的相互作用。它认为，欧盟资本自由流动和金融服务提供的框架以及廉价信贷的可用性引发了住房金融化的轨迹，它采取两种形式：批发市场融资和外国金融机构的直接渗透。这两种形式证明了住房金融化的核心-边缘关系，他的等级特征在危机中脱颖而出。外围欧洲国家经历了资本流动的突然停止和逆转，严重影响了它们的银行系统。由于无法自行解决迫在眉睫的银行危机，他们不得不求助于债权人以获得急需的资金。国际条件和国内政策反应的结合，加上抵押贷款债务的原始水平，导致危机后住房融资的不同轨迹。