What question did this study set out to answer?

This research aims to analyze the stability of Ukraine's financial system under wartime conditions since the Russian invasion.

March 7, 2026Japanese Journal of Comparative Economics0 citationsOpen Access

戦時下ウクライナの金融政策・金融システム

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祐松祐介松澤

Key Points

This research aims to analyze the stability of Ukraine's financial system under wartime conditions since the Russian invasion.
Assessment of the National Bank's responses to currency and financial system challenges.
Evaluation of new policy measures such as the reserve deposit system.
Analysis of liquidity support to commercial banks.
Review of foreign financial aid and its impact on fiscal finance.
Ukraine's currency and financial system remained relatively stable during the war.
Rapid policy measures included foreign exchange restrictions and liquidity provisions for banks.
The introduction of new policy tools helped maintain currency credibility.
Government-supported lending systems expanded in the banking sector.

Abstract

ロシアの侵攻を受けて4年近くが経過したが，ウクライナの通貨，金融システムは厳しい戦時下において，比較的安定した状態を保っている．これは侵攻後直後に引かれた戒厳令下で国立銀行が外国為替の制限，固定相場制への移行，市中銀行への流動性供給など迅速な対応を取ったこと，国立銀行による財政ファイナンスに対し，海外からの多額の財政支援に加え，国債を所要額に算定する準備預金制度など新たな政策手段の導入で通貨価値の信認を維持したこと，銀行部門では政府等の補助を受けた融資制度が拡充され，決済システムにも市中銀行の協力を得て停電などの事態にも万全なバックアップ体制を確保したこと，などの迅速な措置・政策対応が奏功したことによる．もっとも，その背景には，皮肉にも最大手銀行が経営危機で国有化されていた側面もあり，停戦，復興後の経済成長や Eu加盟交渉の前進には従前からの銀行改革を進めていく必要がある．

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祐介松澤 (2026) studied this question.

synapsesocial.com/papers/69abc0de5af8044f7a4e98dd https://doi.org/10.5760/jjce.63.1_27

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March 7, 2026Japanese Journal of Comparative Economics0 citationsOpen Access

戦時下ウクライナの金融政策・金融システム

View Full Paper

祐松祐介松澤

Key Points

This research aims to analyze the stability of Ukraine's financial system under wartime conditions since the Russian invasion.
Assessment of the National Bank's responses to currency and financial system challenges.
Evaluation of new policy measures such as the reserve deposit system.
Analysis of liquidity support to commercial banks.
Review of foreign financial aid and its impact on fiscal finance.
Ukraine's currency and financial system remained relatively stable during the war.
Rapid policy measures included foreign exchange restrictions and liquidity provisions for banks.
The introduction of new policy tools helped maintain currency credibility.
Government-supported lending systems expanded in the banking sector.

Abstract

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Cite This Study

祐介松澤 (2026) studied this question.

synapsesocial.com/papers/69abc0de5af8044f7a4e98dd https://doi.org/10.5760/jjce.63.1_27

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