Banking secrecy during the Orange Revolution
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In this book, the former head of the National Bank, Arseniy Yatsenyuk, talks about the financial crisis that occurred in Ukraine simultaneously with the Orange Revolution at the end of 2004. The author chose an unusual angle. He focused on describing how the country's economy fared during the period of the most widespread political instability since the collapse of the USSR. This crisis was the worst in the history of the Ukrainian financial system, as it combined a crisis of confidence and instability of the monetary system. Already, each of these components could cost the economy many years of successful development. The efforts of the National Bank and commercial banks to overcome the financial crisis represent a unique experience, which has not yet been equal in the world economy. Throughout the twentieth century, the vast majority of such shocks ended in the complete collapse of the country's banking system, followed by many years of economic recovery. Recent examples of financial cataclysms are found in the history of Brazil, Argentina, as well as during the global Asian crisis of 1997, the echoes of which were also felt in our country. The uniqueness of the situation in 2004 is that the Ukrainian banking system not only survived in extremely difficult conditions, but also accelerated its growth rate immediately after the end of the Orange Revolution. It is possible that the author conceived his book as a monograph for macroeconomists and central bankers around the world. Especially for them, actions to overcome the crisis are described in detail, as well as statistical materials reflecting the events of the fall of 2004 on a daily basis. However, thanks to a lively and accessible description of the events, Arseniy Yatsenyuk managed to create a kind of economic detective story. As a result, the book is not only easy to understand, but also provides a unique understanding of complex macroeconomic concepts even to an untrained reader.
Data sheet
- Name of the Author
- Арсений Яценюк
- Language
- Russian