Pogoreltseve N. Mortgage market: economic nature and peculiarities of its formation in the transition economy.

Dissertation is devoted to the problems of formation of the mortgage market during transformation of the economic system. Economic nature of the mortgage market is researched, the definition of the mortgage market as economic category is formulated, its subjective and objective composition and structure are revealed. In thesis the correlation between "classic" models of the mortgage market (contract, deposit and invest models) is investigated and their general evolution scheme is made. A correlation between a level of development of the housing segment of the mortgage market and the rates of real GNP growth is examined. An efficiency of transplantation and evolution strategies of the mortgage market institutions in the transition economies is analyzed. It is revealed that a transplantation of the institutional structures of the mortgage market models into conditions of the transition economy may give grounds for an institutional conflict. A stepwise transplantation strategy is assumed to be more effective in a transition economy, as it makes provisions for a gradual improvement of the institutional structure of the mortgage market and allows avoiding institutional conflicts on its growing. The prospects of formation of the housing and industrial mortgage markets in Ukraine through inculcation of "transition" models of the mortgage market adapted to the domestic legislation and existing social and economic conditions are found out. Key words: market, mortgage, mortgage crediting, real estate financing, mortgage securities, mortgage insurance.