Institutional Architecture of Sustainable Mortgage Financing in Russia

N.G. Vovchenko (), O.B. Ivanova () and S.A. Litvinova ()
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N.G. Vovchenko: Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation
O.B. Ivanova: Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation
S.A. Litvinova: South-Russian Institute of Management — Branch of the Russian Presidential Academy of National Economy and Public Administration (RANEPA), Rostov-on-Don, Russian Federation

Finansovyj žhurnal — Financial Journal, 2026, issue 5, 43-59

Abstract: The article develops the conceptual foundations of sustainable mortgage financing in Russia in the context of the reduction of broad subsidised mortgage programmes, the tightening of macroprudential regulation and the development of long-term rouble funding instruments. The research question is what institutional architecture of mortgage financing can simultaneously deliver real housing affordability, banking-sector resilience and fiscal balance. The information base covers Bank of Russia and DOM. RF data as of Q1 2026, Russian and international academic publications, IMF, ECB and BIS materials. The paper concludes that the Russian mortgage market is shifting from an extensive growth model to a managed sustainability model, in which the efficiency criterion is not the volume but the quality of mortgage growth.

Keywords: mortgage financing; subsidised mortgage; macroprudential policy; mortgage-backed securities; securitization; housing affordability; project finance; DOM.RF; Bank of Russia (search for similar items in EconPapers)
JEL-codes: E58 G21 G28 R21 R31 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:260503:p:43-59

DOI: 10.31107/2075-1990-2026-5-43-59

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