Monetary policy and financial markets

• 05.10.2003

  Should the debt to the IMF be repaid in advance?

  Under the current agreement, Ukraine's USD 1.8 bn debt to the IMF is scheduled to be paid back by instalments up until 2009. Recently, the NBU and the President suggested that this debt should be repaid within the coming months.

  Category:  Policy Briefing Series
  Authors:  Movchan Veronika, Джуччі Рікардо
  
  
• 07.09.2003

  Should Ukrainian Residents be Allowed to Buy Ukrainian Eurobonds?

  In February 2003, the NBU decided to significantly toughen restrictions on transactions by Ukrainian residents involving Ukrainian eurobonds. In practical terms, the new regulation amounts to a prohibition of purchases of eurobonds by residents. In our view, this decision went into the wrong direction.

  Category:  Policy Briefing Series
  Authors:  Єрьоменко Ігор, Джуччі Рікардо
  
  
• 20.07.2003

  Mortgage lending in Ukraine: Three strategic questions and answers

  Mortgage lending is of crucial importance for the economic development of a country. In Ukraine, mortgage lenders face severe difficulties in obtaining the necessary refinancing to provide mortgage loans. Consequently, this business is still underdeveloped. In this paper, we put forward several proposals to avoid worsening and to improve the refinancing situation of mortgage lenders by answering three strategic questions related to the Ukrainian mortgage system.

  Category:  Policy Briefing Series
  Authors:  Єрьоменко Ігор, Джуччі Рікардо
  
  
• 25.10.2002

  Deposit Insurance System: Time for Improvement

  The development of a reliable deposit insurance system is of crucial importance for Ukraine, since it can help to achieve important goals of economic policy: the enhancement of public confidence in the financial sector, the prevention of bank runs, attracting household deposits, lowering the deposit interest rate, and, hence, decreasing the cost of crediting and increasing investment.

  Category:  Policy Briefing Series
  Authors:  Єрьоменко Ігор, Джуччі Рікардо
  
  
• 25.06.2002

  TECHNICAL NOTE on the methodology for calculation of a real effective exchange rate index

  There was a request to discuss technical details in three areas concerning real effective exchange rate (REER) index: Explanations on methodology of calculation of the REER index; Answer to concrete questions about the calculation of the REER index; Developing proposals for new tasks.

  Category:  Policy Briefing Series
  Authors:  Маньковська Марія, Джуччі Рікардо
  
  
• 25.05.2002

  To devalue or not to devalue? That's not the question

  Any exchange rate policy involves taking two major decisions. The first decision concerns its purpose: what should be the main goal of the exchange rate policy? The second decision concerns the methods to be employed to achieve this purpose: how should this main exchange rate policy goal be achieved? In this paper we present our view on short term1 Ukrainian exchange rate policy by answering both questions.

  Category:  Policy Briefing Series
  Authors:  Джуччі Рікардо
  
  
• 09.06.1999

  THE NEXT 1000 DAYS: AN ECONOMIC REFORM AGENDA FOR UKRAINE

  The implementation of economic reforms in Ukraine will cause pain. Nevertheless, it would be dishonest – indeed irresponsible – to pretend that there is much left to lose. Individuals who have influential political and personal contacts will lose some of the ‘perks’ that they currently enjoy. These individuals will complain loudly in the names of their employees and voters. However, these employees and voters – the majority of the citizens of Ukraine – have little to lose but the prospect of further descent into subsistence and poverty. It would be a mistake to project the current situation into the future. The avoidance of painful steps will not lead to a perpetuation of the status quo. Without drastic reform, the Ukrainian economy will inevitably deteriorate further, and the prospect of a dignified future will become increasingly illusory.

  Category:  Books
  
  
• 09.06.1997

  Jerk in a market economy. Reforms in Ukraine: a view from inside.

  For the whole of Europe, especially Germany, it is important that the East has appeared now, a new political and economic value: Ukraine. What are the prospects for the economy and politics is this country, numbering 51 million inhabitants?

  Category:  Books