Since 2014
A housing regime unchanged: The rise and fall of foreign-currency loans in Hungary
Corvinus Journal of Sociology and Social Policy
View Archive Info| Field | Value | |
| Title |
A housing regime unchanged: The rise and fall of foreign-currency loans in Hungary
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| Creator |
Csizmady, Adrienne
Hegedüs, József Vonnák, Diána |
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| Subject |
Sociology
coping strategy, FX loans, mortgage, housing regime, Hungary |
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| Description |
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.
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| Publisher |
Doctoral School of Sociology, Corvinus University Budapest
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| Contributor |
Research for this paper was carried out in cooperation by the Centre for Social Sciences, Hungarian Academy of Sciences and the Metropolitan Research Institute within the Families in mortgage crisis research project (grant no. NKFIH - K109333)
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| Date |
2019-12-31
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — |
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| Format |
application/pdf
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| Identifier |
http://cjssp.uni-corvinus.hu/index.php/cjssp/article/view/366
10.14267/CJSSP.2019.2.1 |
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| Source |
Corvinus Journal of Sociology and Social Policy; Vol 10, No 2 (2019)
2062-087X 2061-5558 |
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| Language |
eng
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| Relation |
http://cjssp.uni-corvinus.hu/index.php/cjssp/article/view/366/pdf
http://cjssp.uni-corvinus.hu/index.php/cjssp/article/downloadSuppFile/366/74 |
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| Rights |
Copyright (c) 2019 Corvinus Journal of Sociology and Social Policy
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