ABSTRACT
The available comparative analyses amply demonstrate the superiority of a radical, rapid, and comprehensive transition strategy over other approaches (Åslund 1994; Balcerowicz and Gelb 1995; EBRD 1995; de Melo, Denizer, and Gelb 1996; Dabrowski 1996a). Unfortunately, Ukraine, after attaining independence in 1991, adopted a very slow and ineffective path of economic reforms, which resulted in economic chaos and hyperinflation at the end of 1993 (Dabrowski 1994). Only after Leonid Kuchma was elected as the second president of Ukraine in July 1994 did the transition process accelerate, although it still lacked consistency, comprehensiveness, and sufficient determination. Therefore, elementary macroeconomic stabilization was not achieved until two years later, at the end of the spring of 1996.
