IDEAS home Printed from https://ideas.repec.org/a/sae/urbstu/v32y1995i9p1437-1451.html
   My bibliography  Save this article

The Real Estate Economy and the Design of Russian Housing Reforms, Part II

Author

Listed:
  • Bertrand Renaud

    (Housing Finance Advisor, Financial Sector Development Department, The World Bank, Washington DC, USA)

Abstract

The transition from plan to market in socialist economies dominates the economic agenda of this decade. This two-part paper on the Russian housing reforms addresses four questions. First, what is the legacy of the administrative-command system and why were demands for major reforms so widespread in the housing sector? Secondly, in what manner does the severe contraction of the Russian economy complicate the reformers' task? Thirdly, how has the Russian government responded so far to the reform challenge? Fourthly, why are the privatisation of housing and rent reforms at the core of the transition to market? The first part of the paper deals with the first two questions. The second part addresses the last two questions. Priority goes to an integrated perspective on the early stages of Russian reforms over an in-depth analysis of individual issues. The modern analysis of the real estate economy distinguishes two markets: the 'property market' for the allocation of space, and the 'asset market' where investment decisions are made. This theoretical insight provides a much needed framework to understand how the key components of Russian reform interact during the housing transition to market.

Suggested Citation

  • Bertrand Renaud, 1995. "The Real Estate Economy and the Design of Russian Housing Reforms, Part II," Urban Studies, Urban Studies Journal Limited, vol. 32(9), pages 1437-1451, November.
  • Handle: RePEc:sae:urbstu:v:32:y:1995:i:9:p:1437-1451
    DOI: 10.1080/00420989550012339
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1080/00420989550012339
    Download Restriction: no

    File URL: https://libkey.io/10.1080/00420989550012339?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Denise DiPasquale & William C. Wheaton, 1992. "The Markets for Real Estate Assets and Space: A Conceptual Framework," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 181-198, June.
    2. Alexeev, Michael V, 1988. "Market vs. Rationing: The Case of Soviet Housing," The Review of Economics and Statistics, MIT Press, vol. 70(3), pages 414-420, August.
    3. repec:ucp:bkecon:9780226301532 is not listed on IDEAS
    4. Yukun Wang, 1991. "The Size Of Housing Subsidies In China," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 3(1), pages 103-116, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Bertrand Renaud, 1999. "The Financing of Social Housing in Integrating Financial Markets: A View from Developing Countries," Urban Studies, Urban Studies Journal Limited, vol. 36(4), pages 755-773, April.
    2. Joseph DeSalvo, 2017. "Teaching the DiPasquale-Wheaton Model," Working Papers 0117, University of South Florida, Department of Economics.
    3. Bertaud, Alain & Malpezzi, Stephen, 2001. "Measuring the Costs and Benefits of Urban Land Use Regulation: A Simple Model with an Application to Malaysia," Journal of Housing Economics, Elsevier, vol. 10(3), pages 393-418, September.
    4. Hassan Gholipour Fereidouni & Usama Al-mulali & Miswan Abdul Hakim Bin Mohammed, 2013. "The Effects of Transaction Costs, Landlord and Tenant Practices and Property Rights on Foreign Real Estate Investment," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 7(3), pages 351-370, August.
    5. Keith Pezzoli & Rob Atkinson & Alisdair Rogers & Alan March & Henry L. Taylor JR & Thomas S. Nesslein & Thomas B. Fischer & R.N. Sharma & Hartmut Häussermann, 2002. "Book Reviews," Urban Studies, Urban Studies Journal Limited, vol. 39(13), pages 2553-2570, December.
    6. Hegedüs, József & Somogyi, Eszter & Augustyniak, Hanna & Csizmady, Adrienne & Laszek, Jacek & Olszewski, Krzysztof, 2019. "Posztszocialista lakásrendszerek Magyarországon és Lengyelországban [Post-socialist housing systems in Hungary and Poland]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 980-1004.
    7. Youqin Huang & William A. V. Clark, 2002. "Housing Tenure Choice in Transitional Urban China: A Multilevel Analysis," Urban Studies, Urban Studies Journal Limited, vol. 39(1), pages 7-32, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bertrand Renaud, 1995. "The Real Estate Economy and the Design of Russian Housing Reforms, Part I," Urban Studies, Urban Studies Journal Limited, vol. 32(8), pages 1247-1264, August.
    2. Kajuth, Florian & Knetsch, Thomas A. & Pinkwart, Nicolas, 2013. "Assessing house prices in Germany: Evidence from an estimated stock-flow model using regional data," Discussion Papers 46/2013, Deutsche Bundesbank.
    3. William M. Doerner & William G. Doerner, 2011. "Collective Bargaining and Job Benefits in Florida Municipal Police Agencies, 2000-2009," Working Papers wp2011_01_02, Department of Economics, Florida State University, revised Oct 2012.
    4. Jérôme Coffinet & Thomas Ferrière & Dorian Henricot, 2018. "Commercial real estate: is there a risk of a financial bubble? [Immobilier commercial : un risque de bulle financière ?]," Bulletin de la Banque de France, Banque de France, issue 219.
    5. Leitzel, Jim, 1998. "Goods Diversion and Repressed Inflation: Notes on the Political Economy of Price Liberalization," Public Choice, Springer, vol. 94(3-4), pages 255-266, March.
    6. Fabozzi, Frank J. & Xiao, Keli, 2017. "Explosive rents: The real estate market dynamics in exuberance," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 100-107.
    7. Edward C. H. Tang, 2021. "Speculate a lot," Pacific Economic Review, Wiley Blackwell, vol. 26(1), pages 91-109, February.
    8. Mandell, Svante, 2009. "Policies towards a more efficient car fleet," Energy Policy, Elsevier, vol. 37(12), pages 5184-5191, December.
    9. Song, Zisheng & Wilhelmsson, Mats & Zalejska-Jonsson, Agnieszka, 2022. "The relationship between owner-occupied housing prices and rental housing rents: evidence from Beijing, China," Working Paper Series 22/3, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance.
    10. Li, Yaoyao & Qi, Yuan & Liu, Licheng & Hou, Yuchen & Fu, Shuya & Yao, Jingtao & Zhu, Daolin, 2022. "Effect of increasing the rental housing supply on house prices: Evidence from China’s large and medium-sized cities," Land Use Policy, Elsevier, vol. 123(C).
    11. Łaszek, Jacek & Olszewski, Krzysztof, 2014. "The behaviour of housing developers and aggregate housing supply," MPRA Paper 60478, University Library of Munich, Germany.
    12. Bernardo Alves Furtado, 2022. "PolicySpace2: Modeling Markets and Endogenous Public Policies," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 25(1), pages 1-8.
    13. Oikarinen, Elias & Peltola, Risto & Valtonen, Eero, 2015. "Regional variation in the elasticity of supply of housing, and its determinants: The case of a small sparsely populated country," Regional Science and Urban Economics, Elsevier, vol. 50(C), pages 18-30.
    14. Füss, Roland & Ruf, Daniel, 2021. "Bank systemic risk exposure and office market interconnectedness," Journal of Banking & Finance, Elsevier, vol. 133(C).
    15. Mohammad Reza Farzanegan & Mehdi Feizi & Hassan F. Gholipour, 2019. "Drought and Property Prices: Empirical Evidence from Iran," MAGKS Papers on Economics 201916, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    16. Dieci, Roberto & Westerhoff, Frank, 2016. "Heterogeneous expectations, boom-bust housing cycles, and supply conditions: A nonlinear economic dynamics approach," Journal of Economic Dynamics and Control, Elsevier, vol. 71(C), pages 21-44.
    17. Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk, 2013. "Housing market cycles – a disequilibrium model and its application to the primary housing market in Warsaw," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis, 2013, chapter 11, pages 5-38, Narodowy Bank Polski.
    18. Eisfeld, Rupert-Klaas & Just, Tobias, . "Die Auswirkungen der COVID-19-Pandemie auf die deutschen Wohnungsmärkte. Eine Studie im Auftrag der Hans-Böckler-Stiftung," Beiträge zur Immobilienwirtschaft, University of Regensburg, Department of Economics, number 26, August.
    19. Zheng, Yao & Osmer, Eric, 2021. "Housing price dynamics: The impact of stock market sentiment and the spillover effect," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 854-867.
    20. Tamara Slišković, 2018. "Analiza međuovisnosti stambenog tržišta i makroekonomskog sustava u Hrvatskoj," EFZG Occasional Publications (Department of Macroeconomics), in: Zbornik radova znanstvenog skupa: Modeli razvoja hrvatskog gospodarstva, (ur. Družić, G.; Družić, I., izdavač: Ekonomski fakultet Zagreb; Hrvatska aka, edition 1, volume 1, chapter 11, pages 247-280, Faculty of Economics and Business, University of Zagreb.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:urbstu:v:32:y:1995:i:9:p:1437-1451. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: http://www.gla.ac.uk/departments/urbanstudiesjournal .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.