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In RealTime posts, PIIE senior staff and colleagues discuss the fast-moving economic news, financial developments, and public policy choices confronting the United States and the world.
The Ukrainian banking system has gone through persistent convulsions in the last seven years. A wave of West European purchases of Ukrainian banks just before the crisis of 2008–09 has been largely reversed. Instead, Russian and Ukrainian state banks have expanded, as have banks owned by people close to President Viktor Yanukovych. In 2006–08, Ukrainian [...]
On July 7, three prominent Washington think tanks — the Atlantic Council, the Brookings Institution and the Peterson Institute for International Economics — organized a big conference on Challenges and Impact of Governance in Ukraine. It was held at the Peterson Institute in Washington. This conference attracted no fewer than 300 participants, including 50 representatives [...]
Pessimists believe that Ukraine is on the verge of default. Fortunately, such a calamity is unlikely, but Ukraine badly needs more international financial support to handle a tremendous external shock. A year ago, Ukraine’s economy was in sound health after eight years of an average annual economic growth of 7.6 percent. Ukraine has maintained a [...]
Kiev has an eerie feeling. The many construction projects have come to a sudden halt. A couple of weeks ago, cranes were turning all over the skyline of Ukraine’s capital, but now they stand abandoned, as credit has dried up.
The International Monetary Fund (IMF) is close to giving Ukraine a fast and large credit to salvage its economy. It is badly needed. The banking crisis in the West might have been mitigated with enormous financial injections. Now the emerging markets call for their salvation.