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

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  • 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
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    References listed on IDEAS

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    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.
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    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.

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