We congratulate Agata Lozinskaia on the defense of her thesis!

The defense of a thesis for a Candidate of Sciences degree by Agata Lozinskaia, Senior lecturer of the School of Economics and Finance, Junior Research Fellow of the Research Group for Applied Markets and Enterprises Studies of the HSE-Perm, took place at the HSE (Moscow).

The topic of the thesis is “Evaluation of credit risks in case of mortgage housing credit”. The thesis was prepared under the supervision of Alexander Karminsky, professor of the school of finance of economic sciences faculty, Doctor of Economics, Doctor of Engineering.

The thesis is dedicated to solution of topical problems of risk management systems of credit organizations. The novelty of the study is the development of instruments for the assessment of basic components of credit risk (the probability of mortgage defaults, the share of a creditor’s loss in case of borrower’s default and the sum of the borrower’s debt subject to risk of the default) taking into account the features of Russian mortgage market, as well as the correction of sample-based selectivity and the finiteness of information on default applications.

Agata Lozinskaia discovered risk-dominating factors of the borrower’s credit risk in case of mortgage housing credit. In her thesis she empirically proved the advisability of mortgage insurance of liability for that category of borrowers who invest less than 30% of their own funds when buying the realty. The study is based on the data on Russian mortgage borrowers provided by Housing Mortgage Lending Agency of Perm region.

The results of the thesis study may be used in internal risk management systems of organizations providing credit services and in case of forming a price on mortgage products.

The Chair of the Thesis Committee, professor Leonid Gokhberg, noted the topicality of the work and the competent answers to the questions. The members of the Thesis Committee unanimously resolved to confer a degree of Candidate of economic sciences on the specialty “Finance, monetary circulation and credit” on Agata Lozinskaia. Agata was recommended to continue her study, and also the suggestions on possible areas of work were given.