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Institutional Transformations of Russia’s Housing Construction Sector in 2020

Author

Listed:
  • A. A. Blokhin

    (Institute of Economic Forecasting, Russian Academy of Sciences)

  • S. G. Sternik

    (Institute of Economic Forecasting, Russian Academy of Sciences)

  • G. V. Teleshev

    (Institute of Economic Forecasting, Russian Academy of Sciences)

Abstract

This paper shows the ongoing development of two key trends in Russia’s housing construction sector: the strengthening role of the state and the formation of market leaders that control its privileged part. The latter are separated from the rest of the market by ever-deeper institutional barriers. These barriers arise due to “special” relations of such companies with the largest banks, their advantages in obtaining financing in the securities markets, better terms of interaction with development institutions, primarily JSC DOM.RF, PPK Fund for the Protection of Rights of Citizens Participating in Shared Construction, the Housing and Utilities Fund, with adequate access to the instruments of state guarantees, and other conditions provided by these institutions. It is shown that such an institutional mechanism provides the best conditions for achieving national goals in the housing sector. Conclusions are made regarding the risks and limitations in terms of achieving the goals of the National Project, Housing and Urban Environment, as well as the advisability of developing a strategy for transforming temporary anticrisis measures of state support into a long-term policy of public–private partnership and maintaining the multistructural character of the industry and market economy.

Suggested Citation

  • A. A. Blokhin & S. G. Sternik & G. V. Teleshev, 2021. "Institutional Transformations of Russia’s Housing Construction Sector in 2020," Studies on Russian Economic Development, Springer, vol. 32(2), pages 147-154, March.
    • Handle: RePEc:spr:sorede:v:32:y:2021:i:2:d:10.1134_s1075700721020039
    DOI: 10.1134/S1075700721020039
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    References listed on IDEAS

    as
    1. North, Douglass C., 1989. "Institutions and economic growth: An historical introduction," World Development, Elsevier, vol. 17(9), pages 1319-1332, September.
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