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Article

Sustainable Development of the Mortgage Market in Azerbaijan: Commercial Risks of Housing Construction, Social Vision, and State Influence

1
Institute of Economics of Azerbaijan National Academy of Sciences, Baku AZ1143, Azerbaijan
2
Department of Information Management Systems, Czestochowa University of Technology, 42201 Czestochowa, Poland
3
Azerbaijan State University of Economics (UNEC), Baku AZ1001, Azerbaijan
4
Azerbaijan Architecture and Construction University, Baku AZ1073, Azerbaijan
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(12), 5116; https://doi.org/10.3390/su12125116
Received: 22 May 2020 / Revised: 17 June 2020 / Accepted: 20 June 2020 / Published: 23 June 2020
The purpose of this study is to formulate a model for sustainable development of the mortgage market in Azerbaijan, taking into account commercial risks of housing construction, the risks of the construction industry, social visions of mortgages, state pressure, and support. The following five key research stages can be distinguished. Namely, identification of commercial risks of housing construction based on a survey; evaluation of the effectiveness of risk diversification strategy; determination of the social vision of a mortgage; substantiating the main directions of state pressure and support for mortgage market development; and creation of a model for sustainable development of the mortgage market in Azerbaijan. At the same time, it is proposed to use a methodological approach to assessing the effectiveness of the model based on the construction of the multivariate linear regression equation. The inclusive model of sustainable development of the mortgage market in Azerbaijan provides for the formation of a favorable institutional environment. Given the selected modules, forecasting the effectiveness of the proposed inclusive model demonstrates its effectiveness in the direction of enhancing mortgage lending based on interest rate regulation taking into account the benefits of green housing construction. View Full-Text
Keywords: green building; inclusive model; mortgage; risk; sustainable development green building; inclusive model; mortgage; risk; sustainable development
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MDPI and ACS Style

Ganbarov, F.; Smoląg, K.; Muradov, R.; Aghayeva, K.; Jafarova, R.; Mammadov, Y. Sustainable Development of the Mortgage Market in Azerbaijan: Commercial Risks of Housing Construction, Social Vision, and State Influence. Sustainability 2020, 12, 5116. https://doi.org/10.3390/su12125116

AMA Style

Ganbarov F, Smoląg K, Muradov R, Aghayeva K, Jafarova R, Mammadov Y. Sustainable Development of the Mortgage Market in Azerbaijan: Commercial Risks of Housing Construction, Social Vision, and State Influence. Sustainability. 2020; 12(12):5116. https://doi.org/10.3390/su12125116

Chicago/Turabian Style

Ganbarov, Fuad, Klaudia Smoląg, Rashad Muradov, Konul Aghayeva, Rumella Jafarova, and Yashar Mammadov. 2020. "Sustainable Development of the Mortgage Market in Azerbaijan: Commercial Risks of Housing Construction, Social Vision, and State Influence" Sustainability 12, no. 12: 5116. https://doi.org/10.3390/su12125116

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