A penetrative analysis of Ukraine's economic and financial resilience amid wartime devastation
When international analysts predicted a swift collapse after the 2022 Russian invasion, Ukraine's financial system and private sectors held firm.
Ukrainian Phoenix demonstrates that this resilience is not an accident, but a strength forged through three decades of Ukraine's independence, whereby citizens and businesses have become the ultimate bulwark protecting its democratic stability. The authors, both Ukraine-native economists and bankers, trace the nation's extraordinary journey from the wreckage of the 1990s Soviet collapse to the creation of a vibrant market economy built from makeshift workshops. Hardened by successive stress tests in 1994, 1998, and 2008, Ukrainian business and banking shed Soviet economic habits and pivoted toward European markets. The authors highlight the vital role of family businesses as pillars of stability that embedded a long-term vision and social responsibility in the country's economic DNA.
Featuring exclusive interviews with key players in the economic and financial sectors, Ukrainian Phoenix shifts the global focus away from wartime devastation toward a penetrating analysis of Ukraine's financial survival. Economists, scholars, investors in emerging economies, and readers interested in Ukraine will gain new insights from this powerful, data-driven narrative of economic resilience and the path to recovery rooted in the adaptability of Ukraine's entrepreneurs and financiers.
Reviews
"With a sharp eye and clear prose, Ukrainian Phoenix shows how the story of modern Ukraine is far more than one of war and revolution. It's also a story of entrepreneurship, and how Ukraine's private sector has thrived far more than has been appreciated. If you're looking for lessons on economic success in the face of monumental obstacles, this is the book for you."—Casey Michel, journalist and author of United States of Oligarchy, American Kleptocracy, and Foreign Agents
"Ukrainian Phoenix provides the missing link between Ukraine's turbulent 1990s transition and its extraordinary wartime resilience. It shows how a modern payments system, family enterprises, and a generation of reformers are quietly building the foundation for a credible, marketdriven reconstruction."—Samy Muaddi, Head of Emerging Markets Fixed Income at T. Rowe Price Group, faculty member, Walsh Graduate School of Foreign Service, Georgetown University
About the Author
Dr. Zoya Faynleyb is a published author on banking and a managing principal at Arcsalus Advisors specializing in financial industry risk management, antifinancial crime, governance of artificial intelligence, and compliance in the United States.
Vadym Morokhovskyy is the Honorable Economist of Ukraine and the longest-serving bank CEO in the country. He leads VST Bank in Ukraine and co-owns Zapad Banka in Montenegro.
