The situation with mortgage lending in Russia is paradoxical. On the one hand, statistics and surveys usually show that people suffer from a shortage of housing, and there has been rapid development of the housing market. On the other hand, mortgage lending programmes have failed to become widespread in Russia. Causes of this failure and their nature (economic, legal, social, mentality-related) need to be identified.
{"title":"Prospects for Mortgage Lending Development in Russia","authors":"E. Avraamova","doi":"10.1111/1467-9426.00161","DOIUrl":"https://doi.org/10.1111/1467-9426.00161","url":null,"abstract":"The situation with mortgage lending in Russia is paradoxical. On the one hand, statistics and surveys usually show that people suffer from a shortage of housing, and there has been rapid development of the housing market. On the other hand, mortgage lending programmes have failed to become widespread in Russia. Causes of this failure and their nature (economic, legal, social, mentality-related) need to be identified.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115018708","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Evaluating Enterprise Privatization in Russia","authors":"J. D. Brown, John S. Earle","doi":"10.1111/1467-9426.00065","DOIUrl":"https://doi.org/10.1111/1467-9426.00065","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130197126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Social Policy in Russia: Pension Fund and Social Security","authors":"I. Denisova, M. Gorban, K. Yudaeva","doi":"10.1111/1467-9426.00032","DOIUrl":"https://doi.org/10.1111/1467-9426.00032","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129149523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Crime – the Path of Freedom: Understanding its Development in Russia During Transition","authors":"Rudiger Ahrend, Y. Andrienko","doi":"10.1111/1467-9426.00115","DOIUrl":"https://doi.org/10.1111/1467-9426.00115","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"146 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124674054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Competitive Edge of the Russian Economy","authors":"G. Dudarev, H. Hernesniemi","doi":"10.1111/1467-9426.00128","DOIUrl":"https://doi.org/10.1111/1467-9426.00128","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125134780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The arrears issue has long been one of the gravest unresolved problems in the Russian economy. With stabilisation of public finances and the onset of economic growth in recent years, the severity of this problem has markedly decreased, but it is too early to claim that it has been completely resolved. This paper analyses macroeconomic aspects of arrears in terms of the hypothesis that arrears are a way of providing hidden subsidies to inefficient production companies. The results of the study point to such negative effects of arrears on the economy as decline in consumption, decrease in demand for real cash balances, encouragement of barter and offsets, veiling of the initial sources of arrears, and distortion of normal market responses to the debtor's financial problems. The latter is connected to the fact that problems of insolvent firms and entire sectors in the conditions of a system of non-payments are not confined to specific economic agents but are multiplied and spread throughout the economy, creating financial problems for other firms and sectors as well. As some sectors of the economy do not accept delays in payment for delivered products, generation of overdue payables in one sector may result in demand constraints and consumption decline in other sectors. In an environment where wage arrears are tolerated, households automatically become a creditor of insolvent sectors, reducing their own consumption. Offsets do not have any effect on the established system of hidden subsidies, as they decrease accumulated arrears only in the short term. As to barter, it can be viewed as a system of compulsory consumption of goods manufactured by domestic producers.
{"title":"Arrears in a Transition Economy: the Mechanism of Contagion","authors":"Oleg Lugovoy","doi":"10.1111/1467-9426.00228","DOIUrl":"https://doi.org/10.1111/1467-9426.00228","url":null,"abstract":"The arrears issue has long been one of the gravest unresolved problems in the Russian economy. With stabilisation of public finances and the onset of economic growth in recent years, the severity of this problem has markedly decreased, but it is too early to claim that it has been completely resolved. This paper analyses macroeconomic aspects of arrears in terms of the hypothesis that arrears are a way of providing hidden subsidies to inefficient production companies. The results of the study point to such negative effects of arrears on the economy as decline in consumption, decrease in demand for real cash balances, encouragement of barter and offsets, veiling of the initial sources of arrears, and distortion of normal market responses to the debtor's financial problems. The latter is connected to the fact that problems of insolvent firms and entire sectors in the conditions of a system of non-payments are not confined to specific economic agents but are multiplied and spread throughout the economy, creating financial problems for other firms and sectors as well. As some sectors of the economy do not accept delays in payment for delivered products, generation of overdue payables in one sector may result in demand constraints and consumption decline in other sectors. In an environment where wage arrears are tolerated, households automatically become a creditor of insolvent sectors, reducing their own consumption. Offsets do not have any effect on the established system of hidden subsidies, as they decrease accumulated arrears only in the short term. As to barter, it can be viewed as a system of compulsory consumption of goods manufactured by domestic producers.","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115094275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The ‘Constitutional Economy’ of Russia: Political Roots of Economic Problems","authors":"A. Kounov, A. Sitnikov","doi":"10.1111/1467-9426.00078","DOIUrl":"https://doi.org/10.1111/1467-9426.00078","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"274 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116259002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Common European Economic Space: The Choice of Space or the Space of Choice?","authors":"V. Novīkov","doi":"10.1111/1467-9426.00270","DOIUrl":"https://doi.org/10.1111/1467-9426.00270","url":null,"abstract":"","PeriodicalId":383400,"journal":{"name":"Russian Economic Trends","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123121502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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