Maria Semenova participated in the 15th International Conference of the Financial Engineering and Banking Society

Maria Semenova (LaBS Head) presented the paper "The Paradox of Participation: Political Connections and Bank Mortgage Lending Under Government Support Programs in Russia" (co-authored with Nikita Kozlov, LaBS HSE) at the 15th International Conference of the Financial Engineering and Banking Society on May, 21-23, 2026 in the European University Institute, Florence, Italy.  within  

Abstract:
This paper examines how political connections shape Russian banks’ strategic choices regarding participation in government mortgage-support programs. Using a unique dataset that integrates manually collected information on the political connections of 115 banks over 2015-2021 with records on program enrollment and volumes of state-supported mortgage lending, we examine how distinct types of political ties shape both decisions to enroll and subsequent lending outcomes. The results indicate that certain connections—particularly prior employment in state-owned enterprises and informal contacts within government institutions—are associated with a higher likelihood of formal participation but correspond to moderate lending volumes. Our findings confirm that political ties function as instruments through which banks manage uncertainty, coordinate with public authorities, and position themselves within the broader state-bank interface.

This research is funded by the Russian Science Foundation grant No. 25-28- 01083.

About the conference - here
Conference program - here