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Стратегия Формирования Ипотечного Рынка В России
[A Strategy for Building Mortgage Market in Russia]

Author

Listed:
  • Polterovich, Victor
  • Starkov, Oleg

Abstract

We develop a strategy for building mass mortgage financing in Russia based on the transplantation of a modified institution of Contractual Savings for Housing (CSH) and on the control upon its evolution. Rationality of the proposed decision is justified by analysis of mortgage institutions development in advanced economies, comparisons of results achieved by East European countries and Russia, as well as modeling calculations. We show that state premium on savings in CSH is a more efficient way to subsidize the purchase of housing than subsidies of down payments in banks.

Suggested Citation

  • Polterovich, Victor & Starkov, Oleg, 2007. "Стратегия Формирования Ипотечного Рынка В России [A Strategy for Building Mortgage Market in Russia]," MPRA Paper 22044, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:22044
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    References listed on IDEAS

    as
    1. Besley, Timothy & Coate, Stephen & Loury, Glenn, 1993. "The Economics of Rotating Savings and Credit Associations," American Economic Review, American Economic Association, vol. 83(4), pages 792-810, September.
    2. Mary M. Shirley, 2005. "Institutions and Development," Springer Books, in: Claude Menard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 24, pages 611-638, Springer.
    3. Oleinik, Anton, 2005. "Transfer of Institutions: Actors and Constraints - The Russian Case in a Global Context," HWWA Discussion Papers 320, Hamburg Institute of International Economics (HWWA).
    4. JÓzsef Hegedüs & Natalia Rogozhina & Eszter Somogyi & Raymond Struyk & Andrey Tumanov, 2004. "Potential Effects Of Subsidy Programmes On Housing Affordability: The Cases Of Budapest And Moscow," European Journal of Housing Policy, Taylor and Francis Journals, vol. 4(2), pages 151-184.
    5. Oleinik, Anton, 2005. "Transfer of Institutions: Actors and Constraints - The Russian Case in a Global Context," Discussion Paper Series 26333, Hamburg Institute of International Economics.
    6. Timothy Besley & Stephen Coate & Glenn Loury, 1994. "Rotating Savings and Credit Associations, Credit Markets and Efficiency," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 61(4), pages 701-719.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Agatha M. Poroshina, 2014. "Credit Risk Modeling Of Residential Mortgage Lending In Russia," HSE Working papers WP BRP 30/FE/2014, National Research University Higher School of Economics.

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    More about this item

    Keywords

    mortgage markets; transition economies; Russia;
    All these keywords.

    JEL classification:

    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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