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Archive for квітня, 2023

Money and power in 21st century

On April 19, 2023, the editors of the "Journal of European Economics" together with the Institute of Economics and Forecasting of the National Academy of Sciences of Ukraine held a discussion on the nature of modern money, the reason for which was the two-volume work of the Chief Researcher of the international financial research sector of the IEP, the Deputy Editor-in-Chief of the Journal, Professor Sharov O.M. - "Monetary Globalization" and "Globalization of Money".

Ukrainian and foreign experts took part in the discussion, in particular, Alonso-Trabanko J.-M. (researcher at Massey University, New Zealand),  Borzenko O. (Head of the IEP Sector ), Hrytsenko A. (Full-Member of the Academy, IEP First Deputy Director), Carrillo-Pina J. ( Universidad Anáhuac Puebla, Mexico), Korablin S. (Corresponding Member of the Academy,IEP Deputy Director), Mishchenko V. ( Head of the IEP sector), Pilyaev I. ( IEP/University of Tokyo), Petryk O. ( IMF Alternate Director, 2013-17; Member of the Council of the National Bank of Ukraine, 2018-22), Yurchyshyn V. (Director of economic programs, Razumkov Center), Saveliev Ye. (West Ukrainian National University, Editor-in-Chief of theJjournal), Skrynnyk Z. ( Lviv National University after Ivan Franko), Sharov O. (IEP ), Yaremenko S. ( Chairman of Eximbank of Ukraine, 1992-96; Deputy Governor  of the National Bank of Ukraine, 2005).

Starting the discussion, Prof. Hrytsenko A. said that he was not going to "sing praises", but wish to congratulate Prof. Sharov O. with truly unique work. After all, there is no such work in world practice that would be devoted, on the one hand, to the influence of money on globalization, and, on the other hand, to the impact of globalization on money itself. Such a high assessment was supported by Petryk O., who noted: "From my point of view, the treatise "Globalization of Money" by O. Sharov is the most interesting and informative book by Ukrainian researchers in the field of Money Theory and monetary development that I have read in recent years . Books are interesting in themselves, but it is very important that they also make you think about many questions. This is a kind of trigger for further thinking and analysis."

In the course of the subsequent discussion, its participants discussed the current issues of the development of the Monetary System (Modernization of money functions, the de-staffing of money and the emergence of digital money - crypto-currencies and CBDC) and International Monetary Relations (prospects of de-dollarization, the emergence of alternative international currencies, etc.).

At the end, the wishes were expressed  to continuation of research in this field by Prof. Sharov O., as well as organization of a wider international conference on these issues.

In response to such proposal, it was announced that the Institute of Economics and Forecasting intends to hold such a conference together with Mexican partners in June of this year and invites its Ukrainian and foreign partners to participate in it.

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Economic diplomacy in the reconstruction of Ukraine

On April 4, 2023, the Institute of Economics and Forecasting of the National Academy of Sciences of Ukraine (International Finance Research Sector) in continuation of the international Conference on fundamental geo-economic shifts (December, 2022)  together with the Diplomatic Academy under the Ministry of Foreign Affairs of Ukraine, held the I International Scientific-Practical Conference "The Modern World and Economic Diplomacy: Challenges, Solutions and Recovery of Ukraine".

Director of the Institute Prof. V. Heyets made a Welcome Speech on behalf of the Institute of Economics and Forecasting of the National Academy of Sciences of Ukraine.

Dear Conference participants!

It is a great pleasure for me to have the opportunity to address you todayю It is a double pleasure, as, unfortunately, the issues of economic diplomacy are not often discussed jointly by academics and practitioners.

In general, the question may arise, why a purely academic institution - like our Institute - shows interest in seemingly purely practical issues. But the fact is that in reality economic diplomacy is an amalgamation of theory, practice and... art.

It is economic diplomats who have to put into practice theoretical ideas about the Role of the State in the Economy, the Geopolitical and Geoeconomic structure of the World, the impact of investments on Economic Growth, the threat of Climate Change, etc. It is fully understandable a huge importance of Economic Diplomacy in the conditions of War and for Post-War Economic Recovery. More than ever, it is precisely in these conditions that the true art of negotiation and the achievement of set goals is required.

To achieve these goals, Ukrainian diplomacy, more than ever, needs to study and use international experience. Although, on the other hand, the situation that has arisen today, - not only in Ukraine, but also in the whole World,-  is simply unprecedented. Therefore, we cannot simply rely on past experience or existing standards. And again - to solve the problems that today stand in the way of Global Economic Development, a combination of theory, practice and art is needed.

From our side, the Institute  makes every effort to theoretically substantiate not only the Tasks, but also the Ways to ensure the Stability of the Economy of Ukraine in the conditions of the War and its Post-War Recovery. We prepare and discuss relevant offers. And not only among scientists. That is why it is very important for us to know that after approval our proposals fall into the hands of skilled and experienced diplomats who are able to ensure their successful implementation.

 So, I congratulate all participants of the conference and wish all of us success in our joint work.

 Glory to Ukraine!

On behalf of the Institute academic reports  were presented by:

  • Deputy Director, Corresponding Member of the National Academy of Sciences of Ukraine, Doctor of Economic Sciences , Professor S. Korablin ("Financial Aspects of Recovery of Ukraine")
  • and Chief Researcher, Doctor hab. (Economics), Professor O.Sharov  ("Ukraine's Economic Diplomacy: Post-War Challenges").
  • The Head of the  International Finance Research Sector, Doctor hab. ( Economics), Professor O.Borzenko and other researchers of the Institute also took part in the work of the conference.

During the Panel Discussion (moderated by Prof. O. Sharov) were presented some reports by Raymond Saner, Prof., University of Basel and Centre for Socio-Economic Development (“Economic Diplomacy in Today’s International Relations”); Hele Karilaid, Counsellor, Department of Economic Diplomacy, Ministry of Foreign Affairs of Estonia ( “Estonian experience in implementing economic diplomacy to overcome global challenges and crises”; Prof. Przemysław Żurawski vel Grajewski, Advisor to the Polish Minister of Foreign Affairs ( “Economic dimension of the Russian war in Ukraine as the fourth crises faced by the EU”) and Volodymyr Khomanets, Ph.D. in Economics, Ambassador of Ukraine to the Tunisian Republic and to the State of Libya with concurrent accreditation (“Strategic orientation and principles of the of ensive model of economic diplomacy of Ukraine”).

Interesting proposals were made by the representative of the GUAM Innovation Association  Dr.S. Maulik, who pointed out the still untapped possibilities of using the Organization for Democracy and Economic Development to raise the international status of Ukraine.

In general, the conference was held in the spirit of an interested discussion of the presented reports, which went far beyond the planned time and made it possible to formulate a number of specific proposals that can be used by our diplomats when solving the tasks of the Post-War Recovery of Ukraine.

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