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Financializing urban governance

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TitleInfo
Title
Financializing urban governance
SubTitle
cities, capital markets and property tax liens
Name (type = personal)
NamePart (type = family)
Tung
NamePart (type = given)
Irene
NamePart (type = date)
1978-
DisplayForm
Irene Tung
Role
RoleTerm (authority = RULIB)
author
Name (type = personal)
NamePart (type = family)
Newman
NamePart (type = given)
Kathe
DisplayForm
Kathe Newman
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
chair
Name (type = personal)
NamePart (type = family)
Lake
NamePart (type = given)
Robert W.
DisplayForm
Robert W. Lake
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Defilippis
NamePart (type = given)
James
DisplayForm
James Defilippis
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Gilmore
NamePart (type = given)
Ruth Wilson
DisplayForm
Ruth Wilson Gilmore
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
outside member
Name (type = corporate)
NamePart
Rutgers University
Role
RoleTerm (authority = RULIB)
degree grantor
Name (type = corporate)
NamePart
Graduate School - New Brunswick
Role
RoleTerm (authority = RULIB)
school
TypeOfResource
Text
Genre (authority = marcgt)
theses
OriginInfo
DateCreated (qualifier = exact)
2014
DateOther (qualifier = exact); (type = degree)
2014-10
CopyrightDate (encoding = w3cdtf)
2014
Place
PlaceTerm (type = code)
xx
Language
LanguageTerm (authority = ISO639-2b); (type = code)
eng
Abstract (type = abstract)
This dissertation investigates the growing integration between global capital markets and municipal finance. In the United States, financial activities make up an increasingly large proportion of overall economic activity, an expansion which is often referred to as financialization. One of the primary ways that financial markets have grown is through the transformation of various income streams into new financial instruments. In recent decades, financialization has drawn land, local governments and the built environment into relationships with capital markets in unprecedented ways. I examine a key and under-explored moment in the financialization of urban governance: the first experiments in municipally-sponsored property tax lien securitization beginning in the 1990s. Most cities that engaged in this form of financial engineering quickly abandoned it, with the notable exception of New York City, which has continued its tax lien securitization program for almost two decades. My study considers the experiences of these cities, how and why they undertook securitization, and the results of their efforts. Examining qualitative and quantitative data including ratings agency documents, private placement memoranda for tax lien backed securities, and the New York City Department of Finance annual lien sale lists, I contend that municipalities' varying experiences with this practice can reveal important insights about what this form of financial engineering offers to local governments. Analyzing tax lien securitization transactions, I show how financial intermediaries relied on the accounting and legal idiosyncrasies of asset-backed securitization to adapt the technique for municipal sponsorship. However, given high transactional costs, tax lien securitization failed to provide viable policy and financing solutions for most local governments. This study suggests that the practice endured in New York City in part because it served to reconfigure the local government's capacities and institutions in ways that met its particular needs for centralized administrative control and regulatory arbitrage.
RelatedItem (type = host)
TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier (type = RULIB)
ETD
Identifier
ETD_5909
PhysicalDescription
Form (authority = gmd)
electronic resource
InternetMediaType
application/pdf
InternetMediaType
text/xml
Extent
1 online resource (xiii, 187 p. : ill.)
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Note (type = statement of responsibility)
by Irene Tung
Subject (authority = ETD-LCSH)
Topic
Finance, Public--United States
Subject (authority = ETD-LCSH)
Topic
Tax liens--United States
RelatedItem (type = host)
TitleInfo
Title
Graduate School - New Brunswick Electronic Theses and Dissertations
Identifier (type = local)
rucore19991600001
Location
PhysicalLocation (authority = marcorg); (displayLabel = Rutgers, The State University of New Jersey)
NjNbRU
Identifier (type = doi)
doi:10.7282/T3MK6FHX
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Rights

RightsDeclaration (ID = rulibRdec0006)
The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Tung
GivenName
Irene
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2014-09-26 07:52:11
AssociatedEntity
Name
Irene Tung
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - New Brunswick
AssociatedObject
Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
RightsEvent
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2014-10-31
DateTime (encoding = w3cdtf); (qualifier = exact); (point = end)
2015-10-31
Type
Embargo
Detail
Access to this PDF has been restricted at the author's request. It will be publicly available after October 31st, 2015.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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Technical

RULTechMD (ID = TECHNICAL1)
ContentModel
ETD
OperatingSystem (VERSION = 5.1)
windows xp
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