The politics of mortgage credit expansion in the small coordinated market economies

Abstract

Recent contributions to the comparative political economy literature claim that liberal market economies are vulnerable to asset booms and busts because of financial deregulation, shrinking welfare states and a political ideology emphasising financial self-sufficiency. This article examines the rapid expansion of mortgage lending in three coordinated market economies (CMEs): Denmark, Sweden and the Netherlands. This expansion is puzzling given that all three countries are CMEs with generous welfare states. Yet the pattern of mortgage lending resembles the Anglo-Saxon or liberal market economies (LMEs) more than other CMEs. The article argues that mortgage bubbles in the small CMEs emerged as the unintended outcome of pairing neoliberal programmes to expand home ownership with collectivist housing institutions. This resulted in supply restrictions and rising property values which saddled households with extraordinarily high mortgage debts. In short, mortgage credit bubbles are not unique to Anglo-liberal welfare states and may have different origins.     

Hong Kong's first criminal file-sharing conviction

On appeal, the High Court of Hong Kong affirmed the defendant'sconviction on three charges of attempting to distribute an infringingcopy of a copyright work via a peer-to-peer online file-sharingprogram (BitTorrent).     

Keeping tabs on the TTAB

TTABlog By John L. Welch Archived back to November 2004, USAhttp://www.thettablog.blogspot.com   John L. Welch, an attorney at Foley Hoag LLP, has an excellentblog focusing on the procedures and decisions of the UnitedStates Patent and Trademark Office's (USPTO) Trademark Trialand Appeal Board (TTAB, or Board).