№1 (30) / 2026 Full issue

Release Date 27.02.2026

 FROM THEORY TO ECONOMIC POLICY

 

 

 

Dmitriev Mikhail

Doctor of Economic Sciences, President

Business Partnership “New Economic Growth” (Moscow)

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https://orcid.org/0000-0001-7242-7554

 

Okonishnikov Arii

PhD (technology), Senior research fellow, Project leader

Center of Infrastructure Economy (Moscow)

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Semenyaka Alexandr

PhD (economics)

independent expert (Moscow)

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TARGETED HOUSING CAPITAL: SOCIALLY ORIENTED INSTITUTIONAL DESIGN

Размер файла92-111
Размер файла 426 KB
  License Creative Commons 4.0 
 

The article, a follow up of our previous research projects, considers the practical implications of the life-cycle hypothesis by F. Modigliani for the institutional design of the program of Targeted housing capital for the Russian elderly. The program is designed as socially oriented monetization vehicle for extensive housing assets of Russia’s elderly households enabling them to cover costs of expensive healthcare and social services wherever public financing is not available. The paper explores the possible role of development institutions, digital financial technologies, mitigation of social, demographic, legal, and financial risks, long-term sustainability of the program, and potential for scaling up.

 

Keywords: housing market, long-term care, population ageing, reverse mortgage, health insurance

 

JEL: I13, I18, I38, J14, G20, G22

UDC: 338.2

DOI: 10.52342/2587-7666VTE_2026_1_92_111

 

©  M. Dmitriev, A. Okonishnikov, A. Semenyaka, 2026

© Institute of Economics of the Russian Academy of Sciences «Issues of Theoretical Economics», 2026

 

REFERENCES

  1. Bessonova E., Ivanova N., Moskaleva A. (2025). Finances of Russian households in 2024. Analytical note. – M.: Bank of Russia. (In Russ.).

  2. Dmitriev M. E. (2024). Implementation and outcomes of social policy reforms of early 2000s in Russia: reassessment in hindsight // Issues of Economic Theory (Voprosy teoreticheskoy ekonomiki). No. 3. Pp. 7–30. (In Russ.).

  3. Dmitriev M.E., Neystadt I.V. (2020). Assessment of potential for better financing of healthcare and expensive nursing care from public and private sources // Finansy i Biznes. No.1.  Pp. 73-87. (In Russ.).

  4. Dmitriev M.E., Okonishnikov A.A. (2019). Analysis of potential for reverse mortgage financing of healthcare and expensive nursing care // Karel’skiy nauchniy jurnal. Т. 8. No. 4. Pp. 122-126. (In Russ.).

  5. Modigliani F. (1949). Fluctuations in the Saving-Income Ratio: A Problem in Economic Forecasting // Studies in Income and Wealth. No. 11. –  N. Y.: National Bureau of Economic Research.

complete reference list

close list

  1. Reverse mortgage: international practice review (2019). Electronic resource. CyberLeninka. URL: https://cyberleninka.ru/article/n/obratnaya-ipoteka-obzor-mirovoy-praktiki  (In Russ.).

  2. Reverse mortgage market overview (2025). Business Research Insights. URL: https://www.businessresearchinsights.com/market-reports/reverse-mortgage-market-104996

  3. Structural changes in healthcare: trends and perspectives (2022): Report. / S.V. Shishkin (ed.). – М.:  NRU HSE. (In Russ.).

 

  

Manuscript submission date: 29.12.2025

Manuscript acceptance date: 15.01.2026

 

For citation:

Dmitriev M., Okonishnikov A., Semenyaka A. Targeted housing capital: socially oriented institutional design // Voprosy teoreticheskoy ekonomiki. 2026. No. 1. Pp. 92–111. DOI: 10.52342/2587-666VTE_ 2026_1_92_111