Abstract
This chapter concerns Ukraine’s monetary policy from independence to the currency reform of 1996. Perhaps no other issue concerning the Ukrainian political economy has been more vexing than the country’s two-year slide into hyperinflation in late 1993, followed by its long drive toward stabilization by 1996. From 1991–93, Ukraine had the worst inflation record of any former Soviet republic, with average monthly price increases of 33 percent from 1992 to mid-1994, when the long road to monetary stabilization began.1
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Notes
Robert Skidelsky, The Road from Serfdom (New York: The Free Press, 1996), p. 160.
Brigitte Granville, The Success of Russian Economic Reforms (London: Royal Institute of International Affairs, 1995).
John Maynard Keynes, A Traet on Monetary Reform (London: Macmillan, 1923
Rudiger Dornbusch, “Lessons from Experiences with High Inflation,” The World Bank Economic Review 6, no. 1 (1992): 13–31.
William Easterly, Carlos Alfredo Rodriguez, and Klaus Schmidt-Hebbel, eds., Public Sector Deficits and Macroeconomic Performance (New York: Oxford University Press and The World Bank, 1994).
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© 2002 Robert S. Kravchuk
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Kravchuk, R.S. (2002). From Hyperinflation to Stabilization, 1991–96. In: Ukrainian Political Economy. Palgrave Macmillan, New York. https://doi.org/10.1057/9780230107243_7
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DOI: https://doi.org/10.1057/9780230107243_7
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-349-38522-5
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