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Theurillat, Thierry
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Theurillat, Thierry
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- PublicationAccès libreThe real estate markets : Players, institutions and territories(2014)
; ; Revealing the parties, the processes and the institutions and, consequently, both the diversity and contingency of the real estate markets, the existing increasing literature emphasises the contemporary numerous links and interdependencies between real estate, land value, planning and town planning policy and even the financial system. This paper is an attempt to understand all the real estate markets, from the most peripheral ones, where the urban rent is the lowest, to the most dense city centres. To gain a better understanding of the real estate market, a process of firstly deconstruction and then reconstruction is used. The process of deconstruction involves identifying various market trends according to property type (principally residential buildings), players and institutions, territorial situations and temporalities based on research conducted in Switzerland. We then developed a meta-synthesis inspired by Fernand Braudel whose works put as much emphasis on day-to-day economic activity as on long-term activity, and on local as well as global issues. - PublicationAccès libreThe Real Estate Markets : Players, Institutions and Territories(2014)
; ; Revealing the parties, the processes and the institutions and, consequently, both the diversity and contingency of the real estate markets, the existing increasing literature emphasises the contemporary numerous links and interdependencies between real estate, land value, planning and town planning policy and even the financial system. However, the vast majority of this research only looks at major cities, neglecting other areas. The aim of this article is to gain a better understanding of the real estate market through a process firstly of deconstruction and then reconstruction. The process of deconstruction involves identifying various market trends according to property type (principally residential buildings), players and institutions, territorial situations and temporalities based on research conducted in Switzerland. We then developed a meta-synthesis inspired by Fernand Braudel whose works put as much emphasis on day-to-day economic activity as on long-term activity, and on local as well as global issues. - PublicationAccès libreThe Sustainability of a Financialized Urban Megaproject: The Case of Sihlcity in Zurich(2012)
; Aujourd'hui, la financiarisation et l'urbanisme durable sont deux composantes majeures de la production urbaine et de la transformation du paysage des villes occidentales. L'objectif de l'article est de montrer comment l'intervention d'acteurs financiers influence la durabilité urbaine lors de la construction de mégaprojets à partir de la construction d'un cadre conceptuel, analytique et interprétatif. Ce dernier vise, d'une part, à examiner en situation la manière dont la durabilité a été produite par les différents acteurs impliqués, et d'autre part à situer ces interactions dans leur contexte institutionnel, spatial et temporel. La durabilité est par conséquent entendue comme une construction sociale ayant fait l'objet de négociations qui ont débouché sur un arrangement institutionnel pour que le projet puisse se réaliser. Ce cadre a été construit à partir de travaux en géographie de la finance et en géographie urbaine sur ‘finance, ville et durabilité’ et de l'étude de cas. Cette dernière porte sur la revitalisation d'une friche industrielle en un complexe commercial et de loisirs qui a été le plus grand de Suisse acheté par des acteurs financiers., Financialization and sustainable urban planning are now two major components of urban production and landscape change in Western cities. The purpose of this article is to demonstrate how the intervention of financial actors influences urban sustainability in the building of megaprojects, by developing a conceptual framework for analysis and interpretation. This framework aims first to examine the way in which sustainability has been produced by the different actors involved in a real-life situation, and then to place these interactions in their institutional, spatial and temporal context. Consequently, sustainability is understood as a social construct which is the object of negotiations that have led to the making of institutional arrangements in order to allow the project to be carried through. This framework has been constructed from the financial geography and urban geography literature on ‘finance, the city and sustainability’ and from a case study. The latter looks at the regeneration of a brownfield site to create a shopping and leisure complex that was the biggest in Switzerland and was purchased by financial actors. - PublicationAccès libreThe Expansion of the Finance Industry and Its Impact on the Economy: A Territorial Approach Based on Swiss Pension FundsA new economic geography of finance is emerging, and the current "financialization" of contemporary economies has contributed greatly to the reshaping of the economic landscape. How can these changes be understood and interpreted, especially from a territorial point of view? There are two contradictory economic theories regarding the tangible effects of the rise of the finance industry. According to neoclassical financial theorists, the finance industry's success is based on its positive effects on the real economy through its capacity to allocate financial resources efficiently. An alternative approach, adopted here, posits that finance does not merely mirror the real economy and that the financial economy, far from being a simple instrument for the allocation of capital, has its own autonomy, its own logic of development and expansion. A series of complex, and sometimes contradictory, connections link financial markets and the real economy, and there are some tensions between them, calling into question the coherence of the regional and national economies that follow from them. Moreover, the territorial approach shows how the mobility/liquidity of capital and the changing dimensions of new regions and countries are central to the finance industry's functioning. This article builds an understanding of the financial system through the lens of pension funds and highlights the impact of such a system on the real economy and its geography.