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Ukraine’s Economic Reforms: What has been Done and will it Succeed?

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  • Anders Åslund

    (Atlantic Council, Washington, D.C.)

Abstract

This article attempts to offer a picture of the state of the economic reform in Ukraine in the summer of 2015, assessing what has been done. It offers a periodisation of Ukraine’s economic policy since its independence in 1991, suggesting that Ukraine has seen three periods of significant reform and this is by far the most important. The main cause of Ukraine’s current economic decline is Russian warfare. The present situation differs greatly from that after the Orange Revolution in late 2004. These reform efforts are more far-reaching than earlier attempts, especially in the energy and banking sectors. Finally, four risks to the present reform wave are discussed. The four big risks to this reform wave lie in Russian warfare, insufficient international funding, lagging reforms in the judicial sector, and the wearing out of the coalition because of economic hardship.

Suggested Citation

  • Anders Åslund, 2015. "Ukraine’s Economic Reforms: What has been Done and will it Succeed?," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 65(supplemen), pages 25-38, December.
    • Handle: RePEc:aka:aoecon:v:65:y:2015:i:supplement1:p:25-38
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    More about this item

    Keywords

    Ukraine; economic reform; macroeconomic stabilisation; energy reform; judicial reform; international assistance;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F35 - International Economics - - International Finance - - - Foreign Aid
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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