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Jannes van Loon, Ph.D.

KU Leuven, Geography, Department Member
Revisiting attempts to connect comparative political economy and the geographies of finance, we present a balance sheet analysis of financialisation in the UK, Netherlands, and Germany from 1992-2012. We define financialisation broadly as... more
Revisiting attempts to connect comparative political economy and the geographies of finance, we present a balance sheet analysis of financialisation in the UK, Netherlands, and Germany from 1992-2012. We define financialisation broadly as a trend towards a greater reliance on assets and/or debt, with particular manifestations across different domains of the economy: a greater reliance on financial tools and metrics for the state and non-financial corporations, a shift to market-based banking and increasing dependence on credit or asset-based welfare for households. We use OECD time-series balance sheet data and qualitative accounts drawn from the literature to overview economic change in our case countries. Using this informal comparison we develop the concept of 'variegated financialisation' by exploring the common but not convergent financialising trajectories of our case countries and relating them to the politics of finance's institutional embedding.
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Has the postwar managerial approach to urban governance in the Netherlands and Flanders been replaced by more entrepreneurial and financialized forms? In this paper, we study the transformation of urban governance in the Low Countries... more
Has the postwar managerial approach to urban governance in the Netherlands and Flanders been replaced by more entrepreneurial and financialized forms? In this paper, we study the transformation of urban governance in the Low Countries through city case studies of Apeldoorn (Netherlands) and Antwerp (Belgium). We show how Dutch urban governance financialized by connecting local public finance with financialized real estate markets, through municipal land banks. However, inter-municipal financial solidarity and ring-fencing municipalities from financial markets create specific, continental European processes of financialization. Flemish municipalities, in contrast, have shifted from a model of laissez-faire urban development (embedded in a system of large municipal autonomy) towards entrepreneurial urban growth regimes, in which technocratic public and private actors have increased access to public financial resources, used to create large urban renewal projects. In Belgium, autonomous municipal real estate corporations are a crucial instrument for connecting municipal finance to the real estate market.
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Real Estate, Urban Geography, Urban Politics, Urban Planning, Regional and Local Governance, and 72 more
'The death and life of great American cities' van Jane Jacobs is een ware klassieker in de planologie. Helaas wordt de tweede helft van het boek vaak genegeerd. In dit artikel nemen we u mee in een herlezing van het vergeten hoofdstuk... more
'The death and life of great American cities' van Jane Jacobs is een ware klassieker in de planologie. Helaas wordt de tweede helft van het boek vaak genegeerd. In dit artikel nemen we u mee in een herlezing van het vergeten hoofdstuk 'Gradual money and cataclysmic money' en kijken we hoe we Jacobs' ideeën kunnen gebruiken voor een herinterpretatie van eenentwintigste-eeuwse stedelijke ontwikkeling. The death and life of great American cities (Jacobs, 1961) is wellicht het meest gelezen boek onder planologen. Gezien het boek nog voor de internationale stadsrevoluties van 1968 werd geschreven, is het opmerkelijk hoe populair het boek nog steeds is. Misschien kunnen we stellen dat Jacobs de stadsrevolutie reeds aanvoelde of haar boek er mede vorm aan heeft gegeven. Jacobs' ideeën over menging van functies, het belang van de openbare ruimte en dichtheid behoren al enkele tientallen jaren tot de kernideeën van onze discipline. Toch vinden niet alle ideeën uit The death and life gretig aftrek. Het zijn vooral deel 1 en 2 uit het boek die veel worden gelezen en toegepast. In deel 1 (The peculiar nature of cities) rept Jacobs over het gebruik van stoepen, kleine parken en buurten; en in deel 2 (The conditions for city diversity) over de behoefte aan gemengde functies, kleine stadsblokken, oude gebouwen en concentratie. Veel planologen kunnen deze hoofdstukken dromen. Deel 3 (Forces of decline and regeneration) en 4 (Different tactics) ontbreken vaak in planologiereaders. In deel 3 wordt beschreven waarom buurten veranderen en deel 4 gaat vooral over beleid en bestuur. Onze stelling is dat deze delen minstens zo belangrijk zijn en dat veel van de beperkingen van de
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The recent history of developers of commercial real estate in the Low Countries shows many similarities such as the internationalization of tenants and investors and the over-production of offices and retail. However, while in Belgium the... more
The recent history of developers of commercial real estate in the Low Countries shows many similarities such as the internationalization of tenants and investors and the over-production of offices and retail. However, while in Belgium the risks of commercial real estate
development were mitigated to in particular foreign investors, they were in the Netherlands mitigated to local governments and banks. This difference is mainly caused by a different attitude towards risks. While in the Netherlands all actors were open for financialized business models based on debt fueled growth, in Belgium patient capital, especially multi-generational wealth looking for sustainable growth, functioned as a strong barrier to financialization processes.
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The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities... more
The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities to transform into investable, tradable, financial products. Regarding real estate these investigations show how opaque, local, non-standardized goods, highly depending on both local legislation and developments, have been transformed into liquid, globally traded financial assets. By analysing the real estate investment strategies of Dutch institutional investors since the 1980s, this paper shows how a quantitative framework increasingly provides the basis for institutional investors' real estate investment strategies. Direct ownership of properties has been exchanged into shares of properties, i.e. fictitious capital, creating an impetus for 'objectified numbers' to measure the performance of these indirect investments. As knowledge about real estate has been outsourced, Dutch institutional investors now perceive real estate increasingly as 'just another asset class', thereby increasing leverage and volatility. This paper not only shows how finance 'financialized' itself by adopting a quantitative investment perspective, it also offers an empirical account on how investment properties are transformed into financial assets that put pressure on state agencies to mobilize urban planning to deliver more of such assets.
Key words: financialization, pension funds, institutional investors, real estate, fictitious capital, investment strategies
Research Interests:
Real Estate, Asset Pricing, Land and Property Development, Property, Property Portfolio Management, and 37 more
Why does a social housing provider bet on interest rate fluctuations? This paper presents a case study of the financialization of both housing and the state. Social housing in the Netherlands is provided by non-profit housing associations... more
Why does a social housing provider bet on interest rate fluctuations? This paper presents a case study of the financialization of both housing and the state. Social housing in the Netherlands is provided by non-profit housing associations that since 1989 have been placed at a distance from the state. Many associations started developing housing for profit, borrowing on global capital markets or buying derivatives. Whereas other semi-public institutions moved into the world of finance due to financial constraints, housing associations moved in to capitalize on the possibilities offered by their asset-rich portfolios. Vestia, the largest of them all, is an extreme—but not an exceptional—case of what can happen when public goals need to be realized by under-supervised and poorly managed private organizations. As a result of gambling with derivatives, Vestia had to be bailed out for over €2 billion. To make up for the losses, housing was sold off and rents were raised. Almost half of the housing associations used derivatives but most of them refrained from using them in a purely speculative way. The changes in the housing sector that led to its financialization cannot be separated from the wider financialization of the state. 

Key words: housing, financialization, derivatives, social housing, housing associations, the Netherlands
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The recent history of real estate developers in the Netherlands and Belgium shows that financialization processes are geographically variegated. Although real estate developers, the intermediary between capital and the local built... more
The recent history of real estate developers in the Netherlands and Belgium shows that financialization processes are geographically variegated. Although real estate developers, the intermediary between capital and the local built environment, faced a similar rise of more market-oriented banking, Dutch developers financialized their activities while their Belgian counterparts did not. The Dutch case demonstrates how financialized corporations can make accumulation cycles more extreme, particularly by placing the creation of fictitious capital at the centre of their business strategies. The Belgian case illustrates how patient capital, i.e. multi-generational wealth looking for sustainable growth, can function as a strong barrier to financialization processes, thus moderating the influence of financialized capitalism on the economy. JEL Classification: G32 capital and ownership structure, value of firms, R30 general real estate markets, F43 economic growth of open economies
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De recente geschiedenis van projectontwikkeling in Nederland en Belgie aan de hand van twee bedrijven: Bouwfonds en Matexi, laten zien hoe het Nederlands model veel risicovoller, financieel gedreven is geraakt terwijl Belgische... more
De recente geschiedenis van projectontwikkeling in Nederland en Belgie aan de hand van twee bedrijven: Bouwfonds en Matexi, laten zien hoe het Nederlands model veel risicovoller, financieel gedreven is geraakt terwijl Belgische ontwikkelaars veel behounder zijn blijven opereren.
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In this article I use data from my master thesis to 1) present guidelines for the design of plazas in high rise districts so they become 'convivial' (for the urban elite), and 2) a critical examination of the implications of implementing... more
In this article I use data from my master thesis to 1) present guidelines for the design of plazas in high rise districts so they become 'convivial' (for the urban elite), and 2) a critical examination of the implications of implementing these 'design guidelines' in which fencing of the 'urban elite' from the 'real city' is quintessential (and problematic).
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The phenomenon of graffiti has received much attention from many sub-disciplines in social science. Scholars often engage with a small fragment of graffiti writing using ideas popular in their own-subdiscipline. This practice has given... more
The phenomenon of graffiti has received much attention from many sub-disciplines in social science. Scholars often engage with a small fragment of graffiti writing using ideas popular in their own-subdiscipline. This practice has given birth to a rich, but fragmented literature. This paper tries to connect the fragments by focusing on the spatial behaviour of practitioners of graffiti (i.e. (graffiti) writers) in Amsterdam. Interviews with them provide a basis for demonstrating that graffiti is part of a global phenomenon associated with recurrent social features such as the achievement of fame. Moreover, the triggers for graffiti writers to produce graffiti on a certain surface seem to be interconnected with 1) geographical factors such as the visibility of a location and 2) a certain regulatory regime which characteristics writers can observe on a surface. The complex mixture of such factors on a certain place influences the behaviour of individual graffiti writers, it creates a specific sense of place. Nevertheless, there seem to be groups of graffiti writers whose actions are rather similar. In order to understand their spatial behaviour better this paper argues to use a typology with the dimensions “degree of illegality of the graffiti produced” and “connection to graffiti subculture”. Consequently, four types of writers are distinguished: amateurs, outsiders, bombers, and artists, making it possible to research graffiti in a much less fragmented way.
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My research interest lies in understand the spatial behaviour of graffiti writers (van Loon, 2014). Although graffiti writers have unique perspectives on urban landscapes that determine where and what type of graffiti they produce, they... more
My research interest lies in understand the spatial behaviour of graffiti writers (van Loon,
2014). Although graffiti writers have unique perspectives on urban landscapes that determine where and what type of graffiti they produce, they also have collective or shared senses
of place – i.e., a spatial know-how that structures their production (Castree, 2003). As Table
1 illustrates, it is possible to distinguish four types of writers based on their connection to the
graffiti subculture and degree of illegality of their deeds. Arguably, this typology is applicable
to most Western cities.
This contribution focuses on the two types who stay close to the ‘rules of the game’ the
graffiti subculture, namely, Artists and Bombers. Which spatial know-how do they produce?
How is it shared, and which type of collective spatial action does it elicit? The spatial knowhow of hip hop graffiti has been created in a very specific period in an unique urban context,
i.e., New York in the late 1970s and early 1980s, and has spread with the rest of American
popular culture.
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Mijn bachelorscriptie, interessante elementen zijn: een korte geschiedenis van graffiti, en een uitgebreide beschrijving van het ruimtelijk gedrag van Amsterdamse graffitischrijvers. Bevat ook enkele interessante beleidsaanbevelingen. Ik... more
Mijn bachelorscriptie, interessante elementen zijn: een korte geschiedenis van graffiti, en een uitgebreide beschrijving van het ruimtelijk gedrag van Amsterdamse graffitischrijvers.
Bevat ook enkele interessante beleidsaanbevelingen.
Ik zit vrij diep in de literatuur over graffiti en heb er ook over college over gegeven, ik deel mijn ideeen/bevindingen graag.
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My master thesis about how to create convivial plazas for urban elites in high rise districts. Data mostly exists of observations and questionnaires about plazas in Manhattan and the Zuidas (Amsterdam). The most interesting part is the... more
My master thesis about how to create convivial plazas for urban elites in high rise districts.
Data mostly exists of observations and questionnaires about  plazas in Manhattan and the Zuidas (Amsterdam). The most interesting part is the discussion section in which I pose some critical questions about planning for the elite only. In addition, chapter II gives a pretty decent synthesis of the literature on the (social) use of public space.
public space  urban planning urban design
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With From Flux to Frame Van Acker presents a popularized version of his dissertation. Nevertheless, the main aim is still theoretical: to link the realisation of infrastructure projects to processes of urbanization using a historical... more
With From Flux to Frame Van Acker presents a popularized version of his dissertation. Nevertheless, the main aim is still theoretical: to link the realisation of infrastructure projects to processes of urbanization using a historical perspective. However, as further elaborated upon below, the theoretical introduction ignores important earlier contributions on this topic making the theoretical claim rather thin. The major part of the book revolves around three cases that try to unravel the relationship between infrastructure projects and the production of a, to a certain degree, urban built environment. The case descriptions are lengthy, 90 to 150 pages, cover long historical periods, and contain a wealth of information and illustrations. Therefore, the book is a must read for everybody interested in the industrialization of the Campine region, the development of the Flemish coast, and/or the development of the Antwerp Ringscape. Part 1 presents the case of the industrialization of the Campine region which demonstrates how the 'side-effects' of the development of a canal system became dominant over the original objectives of transforming a desolate area into fertile agricultural land and offering militarily protection. While digging the canals the richness of the soil was discovered setting in motion relatively sophisticated forms of industrial activity whereby labourers were often housed in proximity to the factories. Part 1 also describes how the canals were in later periods complemented by other forms of infrastructure (e.g., (light) railways, highways) satisfying the need for other forms of mobility creating interesting synergies. The long historical perspective adopted by Van Acker illustrates how infrastructure on the one hand lags behind economic developments, but, on the other hand also creates new economic activities in unexpected ways.
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