«Public Administration Issues» Journal,

Post. address:
National Research University
Higher School of Economics
20 Myasnitskaya Str., Moscow 101000, Russian Federation
Location address:
of. 307, 4/2, Slavyanskaya sq., Moscow 109074, Russian Federation

Tel./fax: 7 (495) 772-95-90, ext. 12631

E-mail: vgmu@hse.ru 


Major Indexing

Research and educational journal
Published quarterly since 2007
ISSN 1999-5431
E-ISSN 2409-5095

Alexander Larionov 1, Elizaveta Salina 2
  • 1 Ph.D. (in Public Administration), Leading Researcher, Center for Strategic Forecasting and Planning, Institute of Economic Policy and Economic Security Problems, Financial University under the Government of the Russian Federation, : 49 Leningradsky Av., 125993 Moscow, Russian Federation.
  • 2 Post-graduate Student, Lomonosov Moscow State University, 1/13 Leninskie Gory, 119992 Moscow, Russian Federation.


2021. No. 1. P. 100–121 [issue contents]
The presented research is aimed at developing approaches of state regulation to the use of funds in shared construction placed on escrow accounts. The study focuses on the mechanism of gradual disclosure of escrow accounts for sustainable developers. The developer's ability to use funds held in escrow accounts reduces its dependence on external financing, which leads to an increase in the developer's stability, as well as an increase in the probability of delivery of construction projects on time. Granting the right to disclose escrow accounts to all developers carries significant risks of misuse of the funds received. In accordance with the theoretical concept of H. Minsky, the study suggests that among the developers may be unreliable companies that initially do not plan to fulfill their obligations. There is a research question related to determining the approach to classifying the developer's sustainability, as well as developing a mechanism for step-by-step disclosure of escrow accounts ensuring completion of construction on time. The responsibility for assessing the type of sustainability of a developer should be assigned to the Ministry of construction of Russia, which should protect shareholders from choosing an unreliable developer. The latter, in accordance with the concept of state paternalism, can be achieved by publishing official information on the website of the Ministry of construction of Russia on the results of the evaluation of developers. By identifying problematic developers, the Ministry of construction of Russia can take under special control the objects under construction. This involves the use of a mechanism to guarantee the obligations of the developer, which, for example, may include the use of state subsidies to complete the construction and implementation of the object under the program of relocation of emergency housing. The study hypothesizes a significant influence of the structure and condition of the developer's objects under construction on the type of its stability. The hypotheses are tested using an empirical assessment. Based on the constructed binary probit regression, an original approach is proposed to determine the type of developer's stability and the mechanism for step-by-step disclosure of escrow accounts for sustainable developers. The study formulates proposals for the legal formalization of the phased use of equity holders' funds by sustainable developers. In addition, an approach is proposed to provide insurance protection for the funds of shareholders after their "disclosure" and partial transfer to the developer. The results of the study can be used by the Ministry of construction of the Russian Federation as part of further work on implementing the reform of shared-equity construction and improving its project financing within the framework of the national project "Housing and urban environment".


Larionov, A.V. & Salina, E.S. (2021). Razvitie gosudarstvennogo regulirovaniya ispol’zovaniya denezhnykh sredstv v ramkakh dolevogo stroitel’stva [Development of State Control for the Use of Funds in Shared-Equity Construction]. Public Administration Issues, no 1, pp. 100-121 (in Russian).

ISSN 1999-5431
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