| This dissertation explores the ways in which housing markets based on mortgage-backed homeownership develop in an emerging economy. This is a case study of the institutions, actors, and financial practices at play. It contributes to the debates in the areas of the financialization of housing, the production of urban space, and economic globalization.;I focus on developments in Peru from 1990-2014. During this period Peru's national government implemented the country's first major housing policy, which focused solely on the provision of homeownership and more specifically, making it easier for households to borrow money for the purchase of a new home. Through these actions, the government laid the foundation for a housing market that would be based on access to credit. This was a fundamental shift in Peru. This dissertation examined these developments and asked a number of questions. How were homeownership and the production of mortgages supported through Peru's national policy? How had global actors and institutions facilitated homeownership and its financing? And lastly, were homeownership strategies being used as a tool for urban development?;For this research, I applied an institutional approach to highlight the deliberate ways in which homeownership was supported in Peru. I focused on international, national, and local officials as well as developers and lenders who influenced the availability or scarcity of mortgage finance and the construction of new homes. I focused on the political and economic arrangements that transform the built environment into pieces that can be bought and sold. I collected data for this research from 1.) archival records and documents from Peruvian institutions and international financial institutions (IFIs) and 2.) interviews with representatives from these organizations, often identified in the records (n=36). Data from archival research and interviews were used to explore the interplay between interests, power, and ideas between national and international institutions. This allowed me to bring the temporal chain of events into focus and develop the causal connections between actions and support from IFIs. I also examined the extent to which the government's agenda and priorities coincided and diverged from the priorities set forth by the IFIs.;Findings illustrate a compelling story about an important aspect of modern day urbanization in a globalizing world where efforts are underway to expand transnational networks of finance and investment. Homeownership is not a natural phenomenon as we may be led to believe; instead, it reflects interests aimed at expanding the financial sector, investment in the built environment and, ultimately, the global economy. Overall, by examining the institutional and spatial nexus buttressing homeownership in Peru, this study demonstrates how land and housing across the globe are being incorporated into a market system and subsequently, how these practices intensify the accumulation of capital in cities.;The globalization of homeownership will remain an important area of study because of the impact it has on international, national, and local economies and the stratification it imposes on households and places. Capital will flow to certain places and creditworthy households will benefit. These efforts are in line with other neoliberal reforms and reflect a reliance on the market to meet the needs of those able to participate. This is to suggest that access to mortgage credit will increasingly structure housing and spatial opportunities across the globe and likely lead to greater inequality. (Abstract shortened by ProQuest.). |
