Home  Journals  Regional Economics: Theory and Practice  5(428) - 2016 May

Mortgage crises in modern Russia: Regional features and policies to overcome

Vol. 14, Iss. 5, MAY 2016

Article PDF Version

Received: 4 September 2015

Received in revised form: 12 October 2015

Accepted: 26 October 2015

Available online: 31 May 2016

Subject Heading: LOCAL MARKETS

JEL Classification: E44, G21, O18, R00, R58

Pages: 137-150

Importance The article considers the problem of formation of State-level regional mortgage policies for diverse subjects of the Russian Federation in crisis and sustainable development of economy.
Objectives The paper aims to design a State regional mortgage policy during economic crises.
Methods For the study, I used the methods of statistical analysis and classification of regions.
Results I analyzed the impact of economic crises of 2008–2009 and 2014–2015 on mortgage markets of the regions of the Russian Federation. I recommend to consider the number of mortgages issued to 1000 people in the region during the reporting period as a basic criterion for measuring the impact of financial and economic crises on the regional mortgage markets in the country. I present a grant model encouraging the mortgage alignment of the constituent entities of the Russian Federation in the context of financial and economic crises.
Relevance The practical implementation of the proposed model will deter regional mortgage markets from collapsing during harsh economic crises and create preconditions for self-financing and sustainable development of the system of housing mortgage lending in all Russian constituent entities in the post-crisis economic management.

Keywords: housing mortgage lending, crisis, regions, mortgage policy, mortgage alignment

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