Christopher Granville

Director of Russia Research
+44 (0)20 3008 5762

Alejandro Tamola

Economic Adviser

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Recent Russia research

* Russia: Geopolitical driver – negative turn, Christopher Granville, 15 Mar 2017
* Russia: Jumbo tax reform, Christopher Granville, Madina Khrustaleva, 3 Mar 2017
* Russia: More good news on the macro-policy front, Christopher Granville, Madina Khrustaleva, 8 Feb 2017
* Russia: Pay attention to Kudrin, Christopher Granville, 31 Jan 2017
* Russia-Saudi oil axis: Gain without pain, James Henderson, Christopher Granville, 19 Dec 2016

See all our Russia research >>

Ukraine: Falling into a fiscal hole

Overview

The monetary financing of Ukraine’s exploding budget (and quasi-fiscal) deficits spells an early end to the recent signs of macroeconomic stabilisation in the form of falling inflation and the modest recovery of the hryvnia. Looking behind manipulated official fiscal statistics, the reality is clear from data on the issuance of government securities – up 290 per cent since October 2008 – with almost all this paper absorbed by the central bank. Any natural economic bounce-back will...

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