How the state gets its money?


When we hear “public funds” or “public revenue”, it seems that the state possesses its own resources that it may spend. The vast majority of Ukrainian citizens believe that the state should exploit its “own funds” to support domestic producers or entire industries, create jobs, provide subsidies and public transfers – basically, “develop the economy”. […]

Some Israeli lessons for Ukraine


Israel today is one of the most developed countries in the world, despite the armed conflict in the country. However, at the end of 1970s – beginning of 1980s Israel was very much like Ukraine today: war, awful inflation, double-digit deficit, triple-digit debt, empty gold value reserves, threat of default, controlled National Bank, corruption, excessive […]

Complicated budget – 2016


The 2016 state budget adopted at night on December 25th had been a difficult decision. Basically, it’s not only the budget itself that was under adoption, but the wide package of comprehensive reforms to fiscal and budget legislation, which in turn regards each Ukrainian citizen. Although the majority of reforms proposed by the Government were […]

Budget Chronicles: ІІІd quarter 2015


In second quarter 2015 general budget revenues increased 55.4% y/y up, general budget spending increased 23.4% y/y.Total amount of budget surplus for the period of 9 months amounted to UAH 32.5 billion In the third quarter of 2015 the growth rate of consolidated budget revenues increased to 55.4%. Consolidated budget revenues for the period of […]

Endowment in Higher Education: International Practice and Ukrainian Reality


Dependence on state donations isn’t a key to academic success. This statement finds its support in the financial structure of the most prominent world universities. Endowment is a source of regular and stable income for such well-known universities as Harvard, Yale, Princeton and Stanford. The revenues from endowment are generally allocated to a wide range […]

Political Revenge Squelched


Local elections underscored a few interesting trends. First, there was no dominant winner. Though national parties led the pack, dozens of local political forces entered local councils, creating a mixed local political landscape. There’s been a shift in the sympathies in the east – some traditional patrimonies of the former Party of Regions are now, […]

Economy Stabilizes, But Recovery is Far Away


By September, it became clear that the economy had finally stabilized.  All macro-parameters are signaling some improvement in the economic system.  In particular, in August industrial output’s decline dropped down to the single-digits (-5.8% y/y vs. -20.5% y/y in H1 2015). We observed disinflation gather momentum, as the hryvnia’s position improved and resource prices continued […]

Budget Chronicles: 2nd quarter 2015


In second quarter 2015 general budget revenues increased 41.0% y/y up, general budget spending increased 20.1% y/y. As a result, general budget surplus shrunk to UAH 12.3 billion by the end of June. In second quarter 2015 budget revenues maintained impressive growth. In particular, general budget revenues increased 41.0% y/y up to UAH 158.4 billion […]

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