Abstract

This article contributes to the emerging literature on the post-global-financial-crisis wave of financialization of housing 2.0 by furthering the understanding of how the national governments enable financialization and participate in financial intermediation to pursue statecraft objectives. The analysis stems from a mix-method research study combining longitudinal trans-scalar policy analysis with semi-structured interviews conducted in Lombardy since 2016. It focuses on the case of the Italian real-estate investment mutual funds dedicated to social housing as a key angle from which to observe the state-finance relation underlying the financialization of rental housing and the contextual rise of the shareholding state. While shedding light on the national government’s persistent role in favouring financial power concentrations, this research study framed financial infrastructures that connect local real estate to capital markets as contradictory condensations of power relations emerging from institutionally bounded conflicts and alliances. It thus exposed the hybrid assemblage of state and market forces behind financial market formation.

摘要

本文通过进一步了解各国政府如何实现金融化并参与金融中介以实现治国方略的目标，为有关后全球金融危机后住房金融化浪潮的新兴文献做出了贡献。该分析源于自2016年以来在伦巴第进行的纵向跨标量政策分析和半结构化访谈相结合的混合方法研究。它以意大利致力于社会住房的房地产投资共同基金的案例为关键角度从中观察租赁住房金融化背后的国家财政关系和股份制国家崛起的脉络。在阐明中央政府在支持金融权力集中方面的持续作用的同时，这项研究将连接当地房地产与资本市场的金融基础设施视为制度上有限的冲突和联盟中出现的权力关系的矛盾浓缩。因此，它暴露了金融市场形成背后的国家和市场力量的混合组合。