Long-Term, Multicountry Perspective on Rental Market Regulations
This study introduces a new international longitudinal database of governmental rental market regulations. The regulations are measured using binary variables based on a thorough analysis of real-time country-specific legislation. Three major restrictive policies are considered: rent control, protection from restriction, and housing rationing. The database covers 101 countries and states between 1910 and 2020. This allows comparisons of regulation intensity across both time and space. The analysis reveals a surge in restrictive policies in the first half of the 20th century. However, following World War II, the evolution of policies diverged: while rent control became more flexible or was phased out, tenure security stabilized at a high level or even increased, while housing rationing became used less frequently.
This article describes and analyses the main instruments of state housing policy applied in different countries. In addition, it proposed a quantitative approach to the measurement of the intensity of state regulation of market rental housing. With the help of indexes of intensity of regulation, characterizing instruments such as the limitation of rent, protection of tenants from eviction and the rationing of housing, we show the main trends of state intervention in 81 countries/provinces from 1910 to 2017. In addition, the article examined in details the housing policy in three countries: Germany, USA and Russia.
The paper aims at measuring the general state intervention in rental housing market in Germany from 1913 through 2015. Four policy classes are considered: Incentives for social housing, tenant protection, housing rationing, and rent controls. Based on a legislation analysis, for each class an index measuring the degree of regulation is constructed. The indices reflect dramatic increases in regulations during and after the World Wars. The 2010s are characterized by a surge in all classes of regulations related to the growing housing scarcity in large cities due to interregional migration leading to a geographical mismatch between housing supply and demand.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.