History of international banking crises associated with real estate markets: observations and possible conclusions for Russian real estate market

The article analyzes the history of banking sector crises related to real estate markets in different countries. It is noted that in recent decades, the frequency and proportion of banking crises directly related to real estate markets has increased significantly, and the duration of this type of crisis and the combined damage they cause are higher than the damage from crises caused by falling prices in financial asset markets. The author concludes that at present in Russia, where the financial sector is at the level of developing countries, the probability of a «classic» crisis in the banking sector is relatively low, however, given the institutional consolidation of the exclusive role of the banking sector in the real estate market, the crisis is possible in the medium term.