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Money and power in 21st century

This post is also available in: Ukrainian

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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