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Russian housing finance policy: state-led institutional evolution

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  • Marina Khmelnitskaya

Abstract

A public policy scholar sets out to investigate the reasons behind the exceptionally high interest rates for mortgage loans in Russia. The article argues that this situation can be explained by examining Russian government policy making in the area of housing finance during the post-Soviet period. Following comparative literature, the process of policy development over time is argued to be determined by the interaction of such factors as policy legacies, policy ideas, institutional environment and actors' interests. The article demonstrates how the agency model of housing finance was institutionalised in policy during the 1990s. The initial appeal of this model to the interest of diverse actors at different levels of government is explained. The subsequent evolution of this model towards the formation of a 'state-led model of housing finance' over the recent decade is traced and its limitations in producing sufficient volumes of mortgage funding are highlighted. The analysis, in addition, demonstrates that alternative policy ideas with the potential to generate extra volumes of mortgage finance are also available in Russia within the relevant policy community. Their adoption in policy is, however, presently blocked by the interests of the top policy officials seeking to increase and maintain the central role of the Russian state in directing the country's economy.

Suggested Citation

  • Marina Khmelnitskaya, 2014. "Russian housing finance policy: state-led institutional evolution," Post-Communist Economies, Taylor & Francis Journals, vol. 26(2), pages 149-175, June.
    • Handle: RePEc:taf:pocoec:v:26:y:2014:i:2:p:149-175
    DOI: 10.1080/14631377.2014.904104
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    References listed on IDEAS

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    1. Richard J. Rosen, 2010. "Too Much Right Can Make a Wrong: Setting the Stage for the US Financial Crisis," Palgrave Macmillan Books, in: Robert R. Bliss & George G. Kaufman (ed.), Financial Institutions and Markets, chapter 2, pages 37-69, Palgrave Macmillan.
    2. David J. Reiss, 2010. "Fannie Mae and Freddie Mac: Creatures of Regulatory Privilege," Palgrave Macmillan Books, in: Robert R. Bliss & George G. Kaufman (ed.), Financial Institutions and Markets, chapter 7, pages 157-184, Palgrave Macmillan.
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    Cited by:

    1. Agata M. Lozinskaia & Evgeniy M. Ozhegov & Alexander M. Karminsky, 2016. "Discontinuity in Relative Credit Losses: Evidence from Defaults on Government-Insured Residential Mortgages," HSE Working papers WP BRP 55/FE/2016, National Research University Higher School of Economics.
    2. Vernikov, Andrei, 2017. "Структурные Или Институциональные Сдвиги? Попытка Измерения На Примере Банковского Сектора [Structural change, institutional change and their measurement: The case of banking]," MPRA Paper 79978, University Library of Munich, Germany.
    3. Lozinskaia Agata & Ozhegov Evgeniy, 2016. "Key Determinants of Demand, Credit Underwriting, and Performance on Government-Insured Mortgage Loans in Russia," EERC Working Paper Series 16/03e, EERC Research Network, Russia and CIS.

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