(2005) Curtis, Elisabeth; Gardner, Roy; Waller, Christopher
Like many emerging market economies, the Ukrainian economy is partially dollarized - in fact, its entire
period of independence has been marked by significant dollarization. What makes this situation more striking
is that, while Ukraine has witnessed two very different monetary regimes since independence, the extent of
dollarization appears to be largely unchanged across the two regimes. We offer an explanation of this phenomenon,
highlighting the significant role the shadow economy plays in Ukraine, and we discuss implications/or
dollarization or euroization in Ukraine's future.