IDEAS home Printed from https://ideas.repec.org/a/iaf/journl/y2024i2p33-45.html
   My bibliography  Save this article

International Experience of Post-War Compensation Policy

Author

Listed:
  • Valerii Zhuk

    ("Institute of Agrarian Economics" National Scientific Centre, Kyiv, Ukraine)

  • Nataliia Zhuk

    ("Institute of Agrarian Economics" National Scientific Centre, Kyiv, Ukraine)

  • Yuliia Shenderivska

    ("Institute of Agrarian Economics" National Scientific Centre, Kyiv, Ukraine)

Abstract

Today, the government of Ukraine and international and domestic experts estimate the damage from the war in the hundreds of billions of US dollars. However, this is usually a summary assessment data. Object-specific expert evaluation has a single application and requires the development of specific mechanisms for its implementation. The essential basis for this is international experience. Therefore, the article aims to study international reactions to economic challenges caused by war and the generalization of international approaches to the definition and procedures for compensation of losses to enterprises of victim countries caused by armed aggression. The study results confirm the expediency of partially applying the practices of Kuwait to create a corresponding mechanism in Ukraine. The primary basis for financing compensation commissions for the payment of reparations to Ukraine, in particular, confiscated Russian assets and deductions from the aggressor's exports, has been determined. The need to develop low-cost damage assessment methods due to the limited possibilities of professional assessment (limited personnel, financial and time resources) is substantiated. The need for creating a simplified mechanism for recording and assessing losses, which will be available for use by a wide range of specialists and separate sectoral methods of assessing losses (agricultural sector, transport, etc.), was highlighted. The shortcomings of the damage and loss assessment methodology chosen by the Government of Ukraine are substantiated, including the lack of an opportunity to determine and demand compensation for indirect damages (forgotten profit). The hypothesis about the need for revisions and additions in the domestic policy of assessing losses and compensations for the consequences of war, in particular, in terms of focusing on an expert approach in assessment and judicial and arbitration practice of compensations, the introduction of an accounting approach to assessing losses, has been proven.

Suggested Citation

  • Valerii Zhuk & Nataliia Zhuk & Yuliia Shenderivska, 2024. "International Experience of Post-War Compensation Policy," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 33-45, June.
    • Handle: RePEc:iaf:journl:y:2024:i:2:p:33-45
    DOI: 10.33146/2307-9878-2024-2(104)-33-45
    as

    Download full text from publisher

    File URL: http://www.afj.org.ua/pdf/1062-svitoviy-dosvid-povoennoi-kompensaciynoi-politiki.pdf
    Download Restriction: no
    File URL: http://www.afj.org.ua/en/article/1062/
    Download Restriction: no
    File URL: https://libkey.io/10.33146/2307-9878-2024-2(104)-33-45?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Jeffrey C. Bodington, 1991. "Income Taxes and Lost Profits," Journal of Forensic Economics, National Association of Forensic Economics, vol. 5(1), pages 1-8, December.
    2. Inês Pinto & Cristina Gaio & Tiago Gonçalves, 2019. "Corporate governance, foreign direct investment, and bank income smoothing in African countries," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 15(4), pages 670-690, October.
    3. Le, Thai-Ha & Bui, Manh-Tien & Uddin, Gazi Salah, 2022. "Economic and social impacts of conflict: A cross-country analysis," Economic Modelling, Elsevier, vol. 115(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Peiwen Guo & Jun Fang & Ke Zhu, 2023. "The Spatial Spillover Effect and Function Routes of Transport Infrastructure Investment on Economic Growth: Evidence from Panel Data of OECD Members and Partners," Mathematics, MDPI, vol. 11(5), pages 1-26, February.
    2. Pinedo, Wilman Iglesias; Fulginiti, Lilyan E.; Perrin, Richard K., 2024. "The Cost of Armed Conflict to Agriculture in Colombia," Research on World Agricultural Economy, Nan Yang Academy of Sciences Pte Ltd (NASS), vol. 5(3), September.
    3. Conigliani, Caterina & Costantini, Valeria & Paglialunga, Elena & Tancredi, Andrea, 2024. "Forecasting the climate-conflict risk in Africa along climate-related scenarios and multiple socio-economic drivers," Economic Modelling, Elsevier, vol. 141(C).
    4. Grechyna, Daryna, 2023. "Can conflicts unite a nation?," Economic Modelling, Elsevier, vol. 121(C).
    5. Ambassa, Martin & Mondjeli Mwa Ndjokou, Itchoko Motande & Tsopmo, Pierre Christian, 2024. "Foreign aid and inequality: Do conflicts matter?," Research in Economics, Elsevier, vol. 78(4).
    6. Deng, Yuanyue & Li, Sijing, 2024. "Do global and local economic policy uncertainties matter for systemic risk in the international banking system," Finance Research Letters, Elsevier, vol. 59(C).

    More about this item

    Keywords

    loss compensation; loss assessment methodology; direct losses; lost profit; international experience; accounting approach; loss fixation mechanism; international arbitration; compensation commission; evidence;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • F39 - International Economics - - International Finance - - - Other
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iaf:journl:y:2024:i:2:p:33-45. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Serhiy Ostapchuk (email available below). General contact details of provider: https://edirc.repec.org/data/iafkvua.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.