POST-SOVIET ROOTS OF UKRAINE’S INTERNATIONAL FINANCIAL PROBLEMS
DOI:
https://doi.org/10.35774/jee2017.04.444Keywords:
USSR sovereign debt crisis, London and Paris clubs of creditors, joint and several liabilities for the debt, external pressure for a reform process.Abstract
Ukraine has inherited a whole array of international financial problems from the USSR. The USSR problems with public finances were transmitted to all states-successors, Ukraine included. Joint and several liabilities for the successors failed under the «0 option» solution which had deprived successor’s states of all liquid assets conquered by Russia. Ukraine had nothing to do with the collapse of the Ruble zone because Ukraine had been made by Russia to leave that zone. The Paris and London clubs of creditors have nudged Ukraine into the Breton Woods institutions. 25 years of 6 various programs with the IMF and the World Bank Group have not yet produced an anticipated effect. The committed billions in fact were disbursed up to 30-40%%. The author put some efforts to investigate the core reasons.
JEL: F 33, F 34, F42, H77.
References
Draft Law on the State Budget of Ukraine in 2018.
PrivatBank nationalized by the government//Ukraine Weekly, 22 December 2016 – URL: https://webapp.sebgroup.com/mbs/research.nsf/alldocsbyunid/1FD2253BAF0B9A3C12580910046E597/$FILE/Ukraine_Weekly_161222.pdf.
Vienna Convention on Succession of States in respect of State Property, Archives and Debts 1983//– URL: http://legal.un.org/ilc/texts/instruments/english/conventions/3_3_183.pdf.
Jean-Claude Trichet (12): The Paris Club, meeting a ‘living pharaoh’//Nikkei Asian Review, September 12, 2014 – URL: https://asia.nikkei.com/Features-archive/JeanClaude-Trichet/Jean Claude-Trichet-12-The-Paris-Club-meeting-a-living-pharaoh?page=2.
Gekker P. The Soviet Bank for Foreign Trade and Soviet Banks Abroad: A Note//Board of the Governors of the Federal Reserve System, Division of International Finance, May 31, 1967 – URL: https://www.federalreserve.gov/ pubs/ rfd/1967/ 617/rfd617.pdf.
Treaty on the Establishment of the Independent – URL: http://rusarchives.ru/projects/ statehood/10-12-soglashenie-sng.shtml.
Williamson J. The Washington Consensus as Policy Prescription for Development// A lecture in the series «Practitioners of Development» delivered at the World Bank on January 13, 2004. Institute for International Economics – URL: https://piie.com/publications/papers/williamson0204.pdf.
Downloads
Published
How to Cite
Issue
Section
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
