4 Lessons of the Jackson Hole 2017 Conference for Ukraine
Co-founder of VoxUkraine, professor Yuriy Gorodnichenko visited the most influential economic conference and shared his insights.
Сentral bankers view regulations on the financial sector as critical for providing macroeconomic stability and globalization as a key source of economic growth in the future. Since 2014, Ukraine has made a number of policy steps consistent with this view. However, after the initial push, there is a reaction and the hard-fought gains may be reversed.
Given that Ukraine is a small open economy and its financial system will be highly integrated into the global financial architecture, the government should direct its efforts to implement international standards for financial institutions.
Also, in addition to the standard trade measures such as low tariffs and nontariff barriers, the government should facilitate flow of capital and technology into Ukraine. This means that restrictions on some types of capital flows should be lifted.