Integrating Housing Wealth into the Social Safety Net : The Elderly in Moscow
The elderly in Russia have often been among those least able to cope with all the changes that have taken place during the transition. Unlike the situation prior to reform-when pensions were stable-they now face considerable uncertainty. If they ha...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2003/08/2495954/integrating-housing-wealth-social-safety-net-elderly-moscow http://hdl.handle.net/10986/18122 |
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okr-10986-181222021-04-23T14:03:41Z Integrating Housing Wealth into the Social Safety Net : The Elderly in Moscow Buckley, Robert Cartwright, Kim Struyk, Raymond Szymanoski, Edward ADVERSE SELECTION AGED ASYMMETRIC INFORMATION CAPACITY BUILDING CAPITALIZATION DEBT DEVALUATION DISPOSABLE INCOME ECONOMIC CONDITIONS ECONOMIC ORDER ECONOMIC REFORM EXPENDITURES FAMILIES FINANCIAL MARKETS FINANCIAL SECTOR GINI COEFFICIENT HEALTH CARE HOUSING HOUSING DEMAND INCOME INCOME DISTRIBUTION INCOME ELASTICITY INCOME GROUPS INCOME LEVELS INFLATION INFLATION RATES INFORMATION PROBLEMS INNOVATION INSURANCE INSURANCE CONTRACTS INTEREST RATE INTEREST RATES LAND PRICES LAND VALUE LIFE INSURANCE LIQUIDITY LOCAL GOVERNMENT LOW INCOME MACROECONOMICS MARKET ECONOMIES MIGRATION MORAL HAZARD MORAL HAZARD PROBLEMS MORTALITY MORTGAGE LOANS NUTRITION PATIENTS PENSIONS PER CAPITA INCOMES POLICY RESEARCH POVERTY LINE PRESENT VALUE PRIVATE SECTOR PRIVATIZATION PROPERTY TAXES SAFETY SAVINGS TRANSITION ECONOMIES TRANSPORT URBAN DEVELOPMENT WAGES WEALTH HOUSING SOCIAL SAFETY NETS POVERTY TRANSITIONAL ECONOMIES LOW INCOME FINANCIAL SYSTEMS HOUSEHOLDS MIDDLE INCOME BANKING DISTRESS PENSION SAVINGS HEALTH CARE MACROECONOMIC ADJUSTMENT ECONOMIC REFORM PRIVATIZATION HOUSING WEALTH The elderly in Russia have often been among those least able to cope with all the changes that have taken place during the transition. Unlike the situation prior to reform-when pensions were stable-they now face considerable uncertainty. If they have not been in poverty, many have been close to it. While the elderly have experienced difficulties, they have also been the beneficiaries of a very large transfer of wealth. In Russia, as in most transition economies, housing was privatized, under giveaway terms. As a result, although many elderly households have low incomes, based on their wealth, their deprivation would appear to be less serious. Unfortunately, in the absence of a developed financial system, it is difficult to use this wealth without selling it. In Russia, all households, not just the elderly, have not been able to borrow. The existence of such large unencumbered wealth holdings by lower income elderly households creates an opportunity to provide what might be termed "housing safety net insurance" at low public cost. More than reducing the incidence of poverty, such schemes could allow also many of the elderly to be able to move out of poverty and into middle income status. The authors explain why many of the elderly in the former Soviet Union (FSU), not just in Russia, are likely to have so much housing wealth. Then they discuss how financial instruments could access this wealth. The authors also discuss the empirical situation of the elderly in Moscow, illustrating the potential demand for such products. Finally, they suggest that the results for Moscow are likely to be similar in many other FSU countries because these countries also have elderly populations who also own a great deal of unencumbered housing wealth. 2014-04-30T20:01:30Z 2014-04-30T20:01:30Z 2003-08 http://documents.worldbank.org/curated/en/2003/08/2495954/integrating-housing-wealth-social-safety-net-elderly-moscow http://hdl.handle.net/10986/18122 English en_US Policy Research Working Paper;No. 3115 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia Russian Federation |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ADVERSE SELECTION AGED ASYMMETRIC INFORMATION CAPACITY BUILDING CAPITALIZATION DEBT DEVALUATION DISPOSABLE INCOME ECONOMIC CONDITIONS ECONOMIC ORDER ECONOMIC REFORM EXPENDITURES FAMILIES FINANCIAL MARKETS FINANCIAL SECTOR GINI COEFFICIENT HEALTH CARE HOUSING HOUSING DEMAND INCOME INCOME DISTRIBUTION INCOME ELASTICITY INCOME GROUPS INCOME LEVELS INFLATION INFLATION RATES INFORMATION PROBLEMS INNOVATION INSURANCE INSURANCE CONTRACTS INTEREST RATE INTEREST RATES LAND PRICES LAND VALUE LIFE INSURANCE LIQUIDITY LOCAL GOVERNMENT LOW INCOME MACROECONOMICS MARKET ECONOMIES MIGRATION MORAL HAZARD MORAL HAZARD PROBLEMS MORTALITY MORTGAGE LOANS NUTRITION PATIENTS PENSIONS PER CAPITA INCOMES POLICY RESEARCH POVERTY LINE PRESENT VALUE PRIVATE SECTOR PRIVATIZATION PROPERTY TAXES SAFETY SAVINGS TRANSITION ECONOMIES TRANSPORT URBAN DEVELOPMENT WAGES WEALTH HOUSING SOCIAL SAFETY NETS POVERTY TRANSITIONAL ECONOMIES LOW INCOME FINANCIAL SYSTEMS HOUSEHOLDS MIDDLE INCOME BANKING DISTRESS PENSION SAVINGS HEALTH CARE MACROECONOMIC ADJUSTMENT ECONOMIC REFORM PRIVATIZATION HOUSING WEALTH |
| spellingShingle |
ADVERSE SELECTION AGED ASYMMETRIC INFORMATION CAPACITY BUILDING CAPITALIZATION DEBT DEVALUATION DISPOSABLE INCOME ECONOMIC CONDITIONS ECONOMIC ORDER ECONOMIC REFORM EXPENDITURES FAMILIES FINANCIAL MARKETS FINANCIAL SECTOR GINI COEFFICIENT HEALTH CARE HOUSING HOUSING DEMAND INCOME INCOME DISTRIBUTION INCOME ELASTICITY INCOME GROUPS INCOME LEVELS INFLATION INFLATION RATES INFORMATION PROBLEMS INNOVATION INSURANCE INSURANCE CONTRACTS INTEREST RATE INTEREST RATES LAND PRICES LAND VALUE LIFE INSURANCE LIQUIDITY LOCAL GOVERNMENT LOW INCOME MACROECONOMICS MARKET ECONOMIES MIGRATION MORAL HAZARD MORAL HAZARD PROBLEMS MORTALITY MORTGAGE LOANS NUTRITION PATIENTS PENSIONS PER CAPITA INCOMES POLICY RESEARCH POVERTY LINE PRESENT VALUE PRIVATE SECTOR PRIVATIZATION PROPERTY TAXES SAFETY SAVINGS TRANSITION ECONOMIES TRANSPORT URBAN DEVELOPMENT WAGES WEALTH HOUSING SOCIAL SAFETY NETS POVERTY TRANSITIONAL ECONOMIES LOW INCOME FINANCIAL SYSTEMS HOUSEHOLDS MIDDLE INCOME BANKING DISTRESS PENSION SAVINGS HEALTH CARE MACROECONOMIC ADJUSTMENT ECONOMIC REFORM PRIVATIZATION HOUSING WEALTH Buckley, Robert Cartwright, Kim Struyk, Raymond Szymanoski, Edward Integrating Housing Wealth into the Social Safety Net : The Elderly in Moscow |
| geographic_facet |
Europe and Central Asia Russian Federation |
| relation |
Policy Research Working Paper;No. 3115 |
| description |
The elderly in Russia have often been
among those least able to cope with all the changes that
have taken place during the transition. Unlike the situation
prior to reform-when pensions were stable-they now face
considerable uncertainty. If they have not been in poverty,
many have been close to it. While the elderly have
experienced difficulties, they have also been the
beneficiaries of a very large transfer of wealth. In Russia,
as in most transition economies, housing was privatized,
under giveaway terms. As a result, although many elderly
households have low incomes, based on their wealth, their
deprivation would appear to be less serious. Unfortunately,
in the absence of a developed financial system, it is
difficult to use this wealth without selling it. In Russia,
all households, not just the elderly, have not been able to
borrow. The existence of such large unencumbered wealth
holdings by lower income elderly households creates an
opportunity to provide what might be termed "housing
safety net insurance" at low public cost. More than
reducing the incidence of poverty, such schemes could allow
also many of the elderly to be able to move out of poverty
and into middle income status. The authors explain why many
of the elderly in the former Soviet Union (FSU), not just in
Russia, are likely to have so much housing wealth. Then they
discuss how financial instruments could access this wealth.
The authors also discuss the empirical situation of the
elderly in Moscow, illustrating the potential demand for
such products. Finally, they suggest that the results for
Moscow are likely to be similar in many other FSU countries
because these countries also have elderly populations who
also own a great deal of unencumbered housing wealth. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Buckley, Robert Cartwright, Kim Struyk, Raymond Szymanoski, Edward |
| author_facet |
Buckley, Robert Cartwright, Kim Struyk, Raymond Szymanoski, Edward |
| author_sort |
Buckley, Robert |
| title |
Integrating Housing Wealth into the Social Safety Net : The Elderly in Moscow |
| title_short |
Integrating Housing Wealth into the Social Safety Net : The Elderly in Moscow |
| title_full |
Integrating Housing Wealth into the Social Safety Net : The Elderly in Moscow |
| title_fullStr |
Integrating Housing Wealth into the Social Safety Net : The Elderly in Moscow |
| title_full_unstemmed |
Integrating Housing Wealth into the Social Safety Net : The Elderly in Moscow |
| title_sort |
integrating housing wealth into the social safety net : the elderly in moscow |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2003/08/2495954/integrating-housing-wealth-social-safety-net-elderly-moscow http://hdl.handle.net/10986/18122 |
| _version_ |
1764438910178426880 |