Value at Risk in the Suburbs: Eminent Domain and the Geographical Politics of the US Foreclosure Crisis

Several US counties and local governments have recently considered a novel solution to the foreclosure crisis. They plan to use eminent domain to compel the owners of mortgage debt—and specifically of private‐label mortgage‐backed securities—to sell the debt to the government at a price reflecting the loan's market value. The government would then restructure the debt and resell it to new investors. The plans are striking because—in contrast to both development‐driven eminent domain and the federal subprime bank bailout—they would force investors to assume asset devaluation and increased long‐term risk. Notably, the plans have emerged as an instance of financialization‐focused politics in suburbs and suburban cities of color, specifically majority‐black and ‐Latino/a suburbs. Local support for the plans, we argue, is rooted in the long‐term disinvestment of these ‘suburbs of exception', which became targets of subprime lending and eventually sites where the ‘financial exception' has been localized. But these demographic shifts, fragmentation and fiscal pressures have at the same time created a suburban political terrain in which the plans have gained their strongest political support.     

Canada's Housing Bubble Story: Mortgage Securitization,the State,and the Global Financial Crisis

Canada's experience during and after the financial crisis appears to distinguish it from its international peers. Canadian real estate sales and values experienced record increases since the global financial crisis emerged in 2008, rather than declines, and Canada did not witness any bank failures. The dominant trope concerning Canada's financial and housing markets is that they are sound, prudent, appropriately regulated and ‘boring but effective’. It is widely assumed that Canadian banks did not need, nor receive, a ‘bailout’, that mortgage lending standards remained high, and that the securitization of mortgages was not widespread. The truth, however, does not accord with this mainstream view. In fact, the Canadian financial and housing markets reveal marked similarities with their international peers. Canada's banks needed, and received, a substantial ‘bailout’, while federal policies before and after the financial crisis resulted in the massive growth of mortgage securitization and record household indebtedness. This article documents the growth of Canada's housing bubble, the history of mortgage securitization, and of government policies implemented before and after the crisis. Instead of making the Canadian financial and housing sectors more resilient and sustainable, the outcomes of state responses are best understood as regressively redistributive.     

The Eurozone Crisis and Emerging‐Market Expansion: Capital Switching and the Uneven Geographies of Spanish Urbanization

The theory of capitalist urbanization posits that the built form serves as a crucial sink through which overaccumulated capital is ‘switched' from industrial production into long‐term investment in urban infrastructure. Since Harvey's (1978) deployment of the theory, researchers have attempted to empirically substantiate the switching thesis with limited success. Christophers (2011) revisited the debate with new data and methods to support the claim that significant investment had switched into the built environment at the onset of the 2007/08 financial crisis. However, Christophers' study overlooks how crises are also geographically displaced. This article analyses Spanish trade data for the years 1993 to 2013, the years prior and subsequent to the housing‐induced economic crisis (1997 to 2006). Two studies are undertaken. The first replicates Christophers' methodology to assess how and to what extent a sectoral switch into property investment occurred in Spain between 1997 and 2006. The second modifies the methodology to investigate the extent to which overaccumulated capital in Spain has been geographically displaced through investment in the Moroccan building industry since 2006. These approaches situate uneven development (geographical switching) and turnover time (sectoral switching) as the twin dynamics through which capitalist urbanization is spatio‐temporally fixed.     

Reconstructing Urban Politics with a Bourdieusian Framework: The Case of Local Low‐Income Housing Policy

This research aimed to reconstruct a local urban politics and develop a meso–micro‐level model of urban politics through a case study, drawing on a Bourdieusian relational framework. To this end, it investigated the case of local low‐income housing policy — inclusionary zoning — in Madison, Wisconsin, USA. It historicized the path of the local low‐income policy issue through document analysis and qualitative media content analysis. Through multiple analyses, the study revealed that urban politics consists of complex interlinkages among stakeholders with shared values or interests from different social domains, created in order to dominate the policy issue. The study further investigated, on the basis of Bourdieu's concepts of capital and habitus, what elicited different political strategies from key community leaders.     

Firm Productivity Moderated Link Between Human Capital and Compensation: The Significance of Task‐Specific Human Capital

The human capital of a firm as manifested by employee knowledge and experience represents a key resource of a firm's capabilities. Prior empirical studies have found that firms composed of high levels of human capital experience superior firm performance. Human capital theory proposes that an individual's general or firm‐specific human capital is positively related to compensation. However, empirical studies examining firm‐specific human capital's association with higher employee compensation have been inconclusive. The current study proposes that firm‐specific human capital be categorized as task‐specific and non‐task‐specific. Employees accumulate task‐specific human capital through duties conducted in their current position. Non‐task‐specific human capital represents experiences gained in prior positions to an employee's current job within the firm. Utilizing human capital data from 38,390 employees representing 76 firms in the IT sector, this study examines the association between forms of human capital and employee compensation at different levels of firm productivity. Results show that task‐specific human capital is associated with higher employee compensation. In addition, firm productivity moderates this association.     

High‐performance work system implementation in small and medium enterprises: A knowledge‐creation perspective

While it is well established that high‐performance work systems (HPWSs) affect firm‐level outcomes within large, complex organizations, less is known about how they create benefits for firms within the small‐business sector. Using a knowledge‐creation perspective, this study examines the impact of HPWSs in small and medium enterprises and examines whether the impact observed depends on the small‐business leader's capacity to obtain additional HR knowledge from an external expert, as well as the leader's HR background and knowledge. Archival and survey data were obtained from 294 small‐business organizations, with survey responses obtained from both the small‐business leader and an HR consultant assigned to the small business. Findings suggest that leader perceptions of HR effectiveness are positively related to the use of HPWSs and that this relationship is moderated both by the communication patterns between the small‐business leader and the HR consultant assigned to the firm and the small‐business leader's HR knowledge. © 2012 Wiley Periodicals, Inc.     

Bonding and Bridging Associational Social Capital and the Financial Performance of Local Authorities in Israel

Abstract

This study explores whether bridging and bonding social capital differ in their impacts on government performance at the local level and the extent to which these impacts vary between localities exhibiting differing socioeconomic resources. The study is based on an analysis of 256 local authorities in Israel. The findings show that bridging and bonding social capital do differ in their respective effects on government performance and that the nature of the relationship of each type of capital with government performance varies by the community's socioeconomic profile. Poor communities with high densities of bridging social capital were characterized by lower deficits as a percentage of total municipal budgets, more accurate expenditure forecasts and greater spending on services per capita.     

浅析“以房养老”在我国的发展及运行中的政府作用

目前,我国正在快速地步入老龄化社会。养老的危机对政府、社会的养老责任形成了挑战。而单纯地依靠现有的社会保障制度和家庭养老模式,短期内很已难满足现实中养老压力的需求。在这种条件下,"以房养老"作为自我养老的一种方式,对传统的养老模式是一种良好的补充,在提高老年人的经济收入和生活质量的同时,还可以缓解我国的养老压力。因此,对"以房养老"模式进行深入的分析,并探讨制度运行中政府的作用,有着深远的理论意义和现实意义。人口老龄化的到来,使养老的压力逐渐加大,客观上进一步要求开拓养老金的来源渠道,放宽养老的思路,使养老方式呈现多元化发展。起源于荷兰的"以房养老"模式,现已在世界上20多个国家相继推出,成为全世界老年人改变传统生活方式、享受高质量生活和实现生活效用最大化的重要途径。     

High‐performance work systems and creativity implementation: the role of psychological capital and psychological safety

Unimplemented creative ideas are potentially wasted opportunities for organisations. Although it is largely understood how to encourage creativity among employees, how to ensure this creativity is implemented remains underexplored. The objective of the current study is to identify the underlying mechanisms that explain the relationship between high‐performance work systems and creativity implementation. Drawing from the job demands–resources model, we explore a model of psychological capital and psychological safety as mediators in the relationship between high‐performance work systems and creativity implementation. Based on 505 employee survey responses, the findings show support for the mediating relationships, highlighting the importance of psychological mechanisms. The study has important implications for HRM, uncovering how people management practices can encourage creativity implementation in the workplace.