Urban assets and the financialization fix: land tenure, renewal and path dependency in the city of Birmingham

John Bryson; Rachel Mulhall; Meng Song; Richard  Kenny

doi:10.1093/cjres/rsx013

Urban assets and the financialization fix: land tenure, renewal and path dependency in the city of Birmingham

John Bryson, Rachel Mulhall, Meng Song, Richard Kenny

Research output: Contribution to journal › Article › peer-review

6 Citations (Scopus)

160 Downloads (Pure)

Abstract

Cities are places of incremental decision-making involving complex negotiations that produce accumulations of urban assets and path dependency. The ownership, control and co-ordination of urban land and its transformation into an investment asset is a key link between economic interests and urban activities that come together in site-based “financialization fixes”. A financialization fix combines a development solution for a specific site with a financial model creating a locally embedded asset. This paper examines how land tenure (freehold versus leasehold rights) influences the transformation of a city and the role a local authority plays in the financial management of land assets. This includes an analysis of the application of financialization to urban assets and the first tax increment financing scheme of 1875.

Original language	English
Pages (from-to)	455–469
Journal	Cambridge Journal of Regions, Economy and Society
Volume	10
Issue number	3
Early online date	18 Sept 2017
DOIs	https://doi.org/10.1093/cjres/rsx013
Publication status	Published - 14 Oct 2017

Bibliographical note

The concept developed in the paper is a significant development of an on-debate in the literature on financialization. The existing literature identifies TIFs (Tax Increment Financing) back to an innovation in the US in 1952, but this paper identifies the first TIF as far back as 1875.

Keywords

Birmingham UK
land tenure
financialization
urban assets
Tax Increment Financing (TIF)
path dependency

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10.1093/cjres/rsx013Licence: Creative Commons: Attribution (CC BY)

Bryson_Urban_assets_financialization_fix_Cambridge_Journal_Regions_Economy_Society_2017
published as: John R Bryson, Rachel Ann Mulhall, Meng Song, Richard Kenny; Urban assets and the financialisation fix: land tenure, renewal and path dependency in the city of Birmingham, Cambridge Journal of Regions, Economy and Society, Volume 10, Issue 3, 14 October 2017, Pages 455–469, https://doi.org/10.1093/cjres/rsx013
Accepted author manuscript, 111 KBLicence: Creative Commons: Attribution (CC BY)

i-BUILD: Infrastructure Business models, valuation and innovation for local delivery (Newcastle lead)
Rogers, C., Baker, C., Bryson, J., Coaffee, J., Jefferson, I., Metje, N., Quinn, A. & Tight, M.
Engineering & Physical Science Research Council
1/08/13 → 31/03/18
Project: Research Councils

Cite this

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Urban assets and the financialization fix: land tenure, renewal and path dependency in the city of Birmingham

Abstract

Bibliographical note

Keywords

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Projects

i-BUILD: Infrastructure Business models, valuation and innovation for local delivery (Newcastle lead)

Cite this