Search results

Housing lending is one of the fastest growing and most promising segments of Bank lending in the country. The article analyzes the main factors of housing mortgage lending dynamics in Russia and some of its regions: subjects of the Russian Federation of the Volga Federal district. The latest features of the relevant regional mortgage markets, including those reflecting the reality of the beginning of this year, are revealed. In the near future, the author substantiates the forecast conclusions, according to which: a) if the overall positive dynamics of the all-Russian and regional mortgage markets is maintained, their growth will slow down; b) if the monetary authorities implement an effective anti-crisis policy, including providing effective support to these markets, their degree of competitiveness and consolidation will increase.

The article is devoted to the «Trilemma» of the policy of the monetary authorities, or the «rule of impossible trinity». This policy compatibility rule, formulated more than 50 years ago, remains relevant today. Its reliability is generally confirmed by a number of empirical studies, although there are also suggestions on the need to adjust this economic and theoretical development. The corresponding discussion also affects the policy of the Bank of Russia (mega-regulator), which carries out inflation targeting in conditions of the free movement of cross-border capital and the use of a floating ruble exchange rate. Regarding the effectiveness of this policy, carried out in the presence of increased sensitivity of the Russian economy to external shocks, the authors express certain doubts.