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This paper reflects on the intertwined relationship between housing and welfare in East Asia, analyzing how home ownership serves as a platform for wealth accumulation and asset-based welfare. It explores varying approaches across Japan, China, and Singapore, examining the impact of neoliberal reforms, institutional mechanisms, and cultural attitudes towards housing assets. The analysis highlights the implications of intergenerational wealth transfers and social stratification influenced by housing commodification and market volatility. The critical need for a balance between individual accumulation and social redistribution is emphasized.
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The value of housing to welfare:Reflection from East Asian experiences Misa Izuhara School for Policy Studies, University of Bristol Housing Studies Association Annual Conference, York, April 2014
Introduction Linking home ownership to welfare • Housing as a platform of wealth accumulation • ‘Asset-based welfare’ • Home ownership aims to promote ‘widening access and social integration’ • From the ‘social project’ to the ‘economic project’ • Household assets = housing assets: difficulties and potential for equity release • Importance of individuals attitude
The East Asian context Japan Asset-based welfare pronounced Post-bubble economy (1990 on) From ‘corporate paternalism’ to neoliberal policy reforms Post-growth society
The East Asian context Japan Asset-based welfare pronounced Post-bubble economy (1990 on) From ‘corporate paternalism’ to neoliberal policy reforms Post-growth society China From planned economy to market-oriented economy Parallel processes of privatisation reforms and commercialisation From low-level, universal welfare provision to cash-driven system
The East Asian context Japan Asset-based welfare pronounced Post-bubble economy (1990 on) From ‘corporate paternalism’ to neoliberal policy reforms Post-growth society China From planned economy to market-oriented economy Parallel processes of privatisation reforms and commercialisation From low-level, universal welfare provision to cash-driven system Singapore The ‘soft-authoritarian’ state The state control on housing and welfare provision Welfare depends on housing The Central Provident Fund; the Housing and Development Board
Institutional mechanisms • To consider the ways in which housing assets can be turned into cash/cash flow to use for welfare • ‘Immobile assets’ – need help of institutions? • Market development: China, Japan • Non-market approach: Singapore • Institutional incentives: e.g. access to long-term care is not means-tested (Japan) • Cultural barriers: Family v individual assets, attitudes towards the use of assets, perception of risk
Whose welfare? • Process and impact of intergenerational transfers • Different level and direction of the flow of resources: China v Japan • Parents are a key source of welfare • Timing: Tax incentives to encourage early transfers (Japan) • Pooling resources: increasing ‘interdependency’ • Is housing an intergenerational project? • Are children welfare resources?
Widening social divisions • The equality of opportunity v outcomes • Commodification of housing, neoliberal policy reforms, housing price volatility produces wealth divisions • The ‘housing asset rich’ = the ‘welfare rich’: exclusionary than inclusionary welfare? • Family wealth is greater source of social stratification • Gender divisions
Concluding comments • Micro-macro interaction: need better balance between individual accumulation and social re-distribution? • The active ‘role of the state’ in asset-based approaches: more pragmatic • Volatility in the housing market: how can housing values be maintained? • Families counter-weigh asset-poor, income-differentiated younger people
