Mikhail Matovnikov, Ph.D. in Economics, Senior Managing Director and Chief Analyst at Sberbank
Mikhail Matovnikov focused his presentation on the state of the mortgage market in Russia:
“Russia is the only country in the world actively working against mortgage lending,” he remarked. “Elsewhere, mortgage markets are supported. Let us set aside the aim of defeating inflation at any cost. Currently, there are two potential bubbles: one in residential construction, and another in the mortgage market. While related, they are not identical. In China, we see entire buildings being demolished because no one is buying the units. At the same time, we face borrowers who are unable to repay their loans.”
Deputy Director was Professor of the Financial
Stability Department at the Bank of Russia
Evgeny Rumyantsev presented regional data on real estate price gaps and discussed delinquency rates across market and subsidized mortgage segments:
“The Russian mortgage system ivory coast phone number library continues to demonstrate high quality by key indicators, but requires constant monitoring to ensure stability. In 2024, we observed some deterioration in loan portfolio quality — as expected, within the market segment, but also in the subsidized segment, which ended on July 1, 2024. In some cases, retention tactics to improve your bottom line banks approved loans for borrowers who rushed to close deals before the program’s conclusion and later struggled with repayments. Our policy measures aim not to restrict mortgages but to balance associated risks and enhance system resilience.”
Academic Seminar
The academic portion of the seminar featured four research papers: two from Russian research institutions (Bank of Russia and HSE University), presented by Svetlana Popova and Sedki Zayani, and two international contributions from Tilburg University and the University of South Carolina, presented by Ertunc Aydogdu and Hugh Kim.
Ji Wu of SWUFE, ICEF’s official partner university. Additional discussants included Alexey Ponomarenko, Ph.D., Doctor of Economics, Head lack data of the Research Division at the Bank of Russia’s DIP; Madina Karamysheva, Ph.D., HSE University; and Vladimir Sokolov, Ph.D., ICEF.
The sessions were moderated by Professor Philipp Kartavyy, Doctor of Economics, Lomonosov Moscow State University, and Timur Sobolev, Ph.D., NES.
Vladimir Sokolov, Ph.D., Head of the Laboratory for Financial Economics at ICEF, HSE University
ICEF HSE University
Key Findings of the 14th Research Seminar
The academic research presented covered critical dimensions of banking regulation, lending, and financial stability, with specific focus on environmental factors, managerial competencies, dollarization of the financial system, and the impact of bank managers’ sentiment on lending dynamics.