The_Ukrainian_Transition_Experience

The_Ukrainian_Transition_Experience - The Ukrainian...

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The Ukrainian Transition Experience Adrian Hruszkewycz
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Outline Introduction Hyperinflation Privatization Financial Sector Development The Future
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Introduction Second largest landmass, fourth largest  population in Europe 50 million people Rich in agricultural and natural resources Technological powerhouse during the Cold War 25% of all companies produced military goods Not yet officially recognized as a market  economy  by the EU or EC
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General Trends Ukraine's post-communist economic trajectory 40 45 50 55 60 65 70 75 80 85 90 95 100 105 1990 91 92 93 94 95 96 97 98 99 2000 01 02 03 Volume index, 1990 = 100 GDP Industrial output Agricultural output Electricity consumption
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General Trends
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Hyperinflation Monetary Inflation 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 1990 1991 1992 1993 1994 1995 1996 % Inflation Ukraine Russia
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Hyperinflation
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Hyperinflation Causes No infrastructure to collect taxes and to determine  how much is owed Poor statistics available for estimation of government  budget Price liberalization Seigniorage  Government subsidies to inefficient state-owned  enterprises 1993 – “most economically illiterate nation on earth”
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Hyperinflation Solutions People lost faith in the currency and reverted 
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