The internationalization of commercial real estate markets in France and Germany
The internationalization of commercial real estate markets in France and Germany
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法国和德国商业地产市场的国际化
DOI：
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发表时间：
2017
期刊：
影响因子：
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通讯作者：
M. Aalbers
中科院分区：
文献类型：
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作者：
Gertjan Wijburg;M. Aalbers
本文研究了法国和德国商业房地产市场的国际化，这两个市场在比较政治经济学中通常被忽视。尽管这两个市场都植根于欧洲大陆的资本主义，但它们的国际化轨迹参差不齐。在探索了每个国家的国际化进程之后，我们展示了这些进程如何在法国和德国的商业房地产市场上发挥作用。法国政府在指导国际化进程中发挥了关键作用：引入了新的税收制度，允许法国房地产公司在证券交易所筹集资金。德国的情况表明，银行业对房地产投资市场的重要性依然存在。虽然在这一过程中强化了法国和德国政治经济的典型特征，但代理商也感到有必要通过创建类似房地产投资信托的制度来回应国际投资者的利益，以吸收国内外资本。
This paper investigates the internationalization of the commercial real estate markets of France and Germany, markets typically ignored in comparative political economy. Although both markets are embedded in Continental European capitalism, their trajectories of internationalization are variegated. After exploring how processes of internationalization are processed within each country, we show how these processes have played out in the commercial real estate markets of France and Germany. The French state played a key role in guiding processes of internationalization: the introduction of new tax regimes allowed French property companies to raise capital at the stock exchange. The case of Germany demonstrates the continued importance of the banking sector for real estate investment markets. Although the typical characteristics of the French and German political economies are strengthened in this process, agents also feel the need to respond to the interests of international investors by creating Real Estate Investment Trust-like systems to absorb domestic and foreign capital.