Working paper

Financing Ukraine’S Victory

Deficit monetisation
Macroeconomic stability
Western governments
Budget deficit
Ukraine’s counteroffensive

Ukraine has just achieved a stunning success on the battlefield in the Kharkiv counteroffensive, showing that it can win the war. However, we see a growing risk of a major setback on the economic front if donor disbursements continue to be slow and unpredictable and predominantly coming as loans rather than grants. Such a setback – posing a further risk to macroeconomic stability, weakening the currency and driving inflation higher – could make it difficult for Ukraine to win the war. It would be a completely unnecessary setback, since it can be easily avoided by clearer upfront commitments by donors. Here, we do not set out a broad macroeconomic framework for Ukraine during the war – proposals on this topic were set out in a recent report in CEPR’s Rapid Response Economics series (Becker et al. 2022). This argued for macroeconomic policies to put Ukraine’s economy on a sustainable trajectory for the duration of the war, including financing the budget without relying on the central bank, moving to a managed float of the currency, tougher regulation of trade and capital flows, and flexibility and efficiency in the allocation of scarce resources.

Other publications by

61 publications found

2024
Book

Ukraine's Road to Recovery

Publisher: Universities UK International

Authors: Yuriy Gorodnichenko, Stepanchuk Serhiy

2024
Analytical article

Які Фактори Обумовлюють Рівень Сприйняття Корупції В Україні?

Publisher: VOX Ukraine

Authors: Ilona Sologoub, Dzhonatan Lene, Yuriy Gorodnichenko

2011
Working paper

Little White Lies–The Value Of Inconsequential Chatter

Publisher: Research Gate

Authors: Tymofiy Mylovanov, Nicolas Klein

2022
Journal article

Government By Code? Blockchain Applications To Public Sector Governance

Publisher: Frontiers

Authors: Tymofiy Mylovanov, Pedro Bustamante, Meina Cai, Marcela Gomez, Colin Harris, Prashant Krishnamurthy, Wilson Law, Michael J Madison, Ilia Murtazashvili, Jennifer Brick Murtazashvili, Nataliia Shapoval, Annette Vee, Martin Weiss

2023
Working paper

How To Identify Foreign Business In Russia And What Are The Key Issues Of Creating And Keeping A Full List Of The Largest Foreign Companies In Russia

Publisher: SSRN

Authors: Tymofiy Mylovanov, Nataliia Shapoval, Andrii Onopriienko, Oleksii Hrybanovskyi

2025
Working paper

Assessing Foreign Companies' Direct Losses in Russia: Financial Impact, Market Consequences, and Strategic Adjustments

Publisher: KSE Institute

Authors: Andrii Onopriienko, Nataliia Shapoval, Oleksii Hrybanovskyi, Nataliia Rybalko

2014
Analytical article

A Way Forward For Ukraine

Publisher: International Herald Tribune

Authors: Tymofiy Mylovanov, Scott Gehlbach, Roger Myerson

2014
Working paper

Mechanism Design With Ex‑Post Verification And No Transfers

Publisher: Bocconi University

Authors: Tymofiy Mylovanov, Andriy Zapechelnyuk

2008
Journal article

Optimal Auction With Resale—A Characterization Of The Conditions

Publisher: Economic Theory

Authors: Tymofiy Mylovanov, Thomas Tröger

2018
Book Chapter

Review Of The EU Policy For Ukraine

Publisher: Routledge

Authors: Tymofiy Mylovanov, Yuri M. Zhukov, Yuriy Gorodnichenko