ABSTRACT
The case of Ukraine is rather indicative: its economic cycles from 1996 to 2015 demonstrate a deep dependence on the commodity conjuncture: flourishing under high commodity prices but unable to balance basic financial needs during commodity recessions. The economic treatment prescribed by international creditors is also fairly standard: it usually includes budgetary austerity; tight monetary policy; privatization and; deregulation associated with trade liberalization. While the political reasons for Official Development Assistance can vary on a country-by-country and case-by-case basis, the economic determinants seem to be fairly standard. The 2008 economic and financial collapse was somehow alleviated by another revival of international commodity prices in 2010–2011, peaking in the second quarter of 2011. The reasons of Ukraine's depression in the 1990s are manifold. High default risks, foreign exchange fever and depreciation of the national currency define the "lagging growth" model, which best describes Ukraine's development pattern.
