Published since 1923
DOI: 10.33622/0869-7019
Russian Science Citation Index (RSCI) Web of Science
  • Macroeconomic Factors Affecting Construction Activities In Moscow And The Implementation Of The Renovation Program
  • UDC 332.72 DOI: 10.33622/0869-7019.2020.11.49-55
    Roman R. ABYANOV, e-mail:
    Research and Design Center "City Development", prospekt Mira, 19, str. 3, Moscow 129090, Russian Federation, e-mail:
    Abstract. The article examines the impact that institutional changes in the field of construction regulation, primarily the transition to project financing and escrow accounts, as well as other macroeconomic factors have on construction activities and on the implementation of the Housing Stock Renovation Program in Moscow. The transition to project-based financing of shared-equity construction is the most significant change in the institutional and legal framework for regulating construction activities. Attention is also paid to other macroeconomic factors, such as the key rate of the Bank of Russia and the income of the population. All these aspects are analyzed taking into account the "non-system" factor, which is the global economic crisis that has had a negative impact on the Russian economy, as well as on the city's urban economy system. It is noted that in conditions of uncertainty in the economy, the importance of anti-crisis measures of the state for the construction of housing and infrastructure is growing, taking into account the impact of macroeconomic factors on the construction business, as well as the implementation of State programs in the construction sector.
    Key words: macroeconomic factors, construction, project financing, escrow accounts, key rate, housing mortgage loans, population income, Housing Stock Renovation Program in Moscow, real estate market.
    1. Zimina A. S. Quantitative easing as a tool for the central bank to influence the country's economy. Biznes-obrazovanie v ekonomike znanij, 2017, no. 2 (7), pp. 57-59. (In Russian).
    2. Aksenov P. V. Government debt in the US economy. Ekonomika SSHA v 21 veke: vyzovy i tendencii razvitiya [US economy in the 21st century: challenges and trends]. Moscow, Institut Soedinennyh shtatov Ameriki i Kanady RAN Publ., 2018, pp. 256-268. (In Russian).
    3. Toporkova M. K., Smorodinova L. Yu. Implementation of the housing fund renovation program in the city of Moscow. Rossijskoe gosudarstvovedenie. 2018, no. 1, pp. 69-82. (In Russian).
    4. Sadykova A. I., Kurmanova L. R. Project financing of the residential real estate market: development problems. Ekonomika i upravlenie, 2018, no. 4(142), pp. 100-103. (In Russian).
    5. Matyanova E. S. Escrow account and nominee account as elements of the escrow design. Finansovoe pravo, 2019, no. 5, pp. 27-32. (In Russian).
    6. Arsenev S. V., Kievskaya R. L. Organizational and economic model of renovation with due regard for the development of territory planning projects. Promyshlennoe i grazhdanskoe stroitel'stvo, 2019, no. 8, pp. 44-48. DOI: 10.33622/0869-7019.2019.08.44-48. (In Russian).
    7. Kievskiy I. L., Kievskiy L. V., Sergeev A. S. Renovation and labor productivity. Promyshlennoe i grazhdanskoe stroitel'stvo, 2020, no. 2, pp. 4-11. DOI: 10.33622/0869-7019.2020.02.04-11. (In Russian).
    8. Buhar V. V. The budgeting process will not be interrupted. Byudzhet, 2020, no. 6(210), pp. 17-19. (In Russian).
    9. Samojlov N. A. Interest rate risk management tools. Teoriya i praktika servisa: ekonomika, social'naya sfera, tekhnologii, 2020, no. 1(143), pp. 29-33. (In Russian).
    10. Bulatnikova A. V., Kobceva K. M., Mashkina N. A. Financial mechanisms for regulating the monetary system of the Russian Federation. Innovacionnaya ekonomika: perspektivy razvitiya i sovershenstvovaniya, 2019, no. 1(35), pp. 110-118. (In Russian).
    11. Kajgorodcev A. A. Assessment of the state of social security of citizens. Vestnik Moskovskogo finansovo-yuridicheskogo universiteta, 2019, no. 2, pp. 72-85. (In Russian).
    12. Karnaeva V. V. Impact of the crisis on the mortgage market. Vektor ekonomiki, 2020, no. 5(47), p. 76. (In Russian).
    13. Karavaeva I. V., Buhvald E. M., Pavlov V. I. et al. Russia's federal budget for 2018-2020: a new step towards defeating deficit and inflation? Vestnik Instituta ekonomiki RAN, 2018, no. 1, pp. 40-61. (In Russian).
    14. Grishin V. I., Grishina O. A., Chalova A. Yu. et al. The virus will not bypass the federal budget: revenue losses are inevitable. Vestnik Instituta ekonomiki RAN, 2020, no. 3, pp. 40-59. (In Russian).
    15. Gricenko M. A., Drozdova A. V. Mortgage lending: current state and development prospects in the context of the coronavirus epidemic. Ekonomika i biznes: teoriya i praktika, 2020, no. 5-2(63), pp. 25-30. (In Russian).
  • For citation: Abyanov R. R. Macroeconomic Factors Affecting Construction Activities in Moscow and the Implementation of the Renovation Program. Promyshlennoe i grazhdanskoe stroitel'stvo [Industrial and Civil Engineering], 2020, no. 11, pp. 49-55. (In Russian). DOI: 10.33622/0869-7019.2020.11.49-55.