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Policy Insight 118: Financing Ukraine's Victory

Nataliia Shapoval Jacob Nell Tymofiy Mylovanov Yuriy Gorodnichenko Olena Bilan Torbjörn Becker

29 Sep 2022

There is a risk that Ukraine’s war effort may be undermined by inadequate external support, leading to excessive reliance on monetary financing, which would drive high inflation, risk a currency crisis, and could undermine the war effort just as the military tide is turning in Ukraine’s favour. This CEPR Policy Insight argues that donors should fund Ukraine next year and describes how best to do it.

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Shapoval, N, J Nell, T Mylovanov, Y Gorodnichenko, O Bilan and T Becker (2022), Policy Insight 118: Financing Ukraine's Victory, CEPR Policy Insight No 118, CEPR Press, Paris & London. https://cepr.org/publications/policy-insight-118-financing-ukraines-victory