Sergii Yakubovskiy
Fellow 2024/2025
Economics
Department of World Economy and International Economic Relations, Odesa I. I. Mechnikov National University
Open Society University Network/CEU Institute of Advanced Study, Budapest-Ukraine
syakubovskiy@onu.edu.ua
Bio
Sergii Yakubovskiy was born in Odessa in 1971. He graduated with honors from Odessa State University in 1993, specializing in theoretical physics. In 1997, he defended his PhD thesis in international economic relations at Kyiv National Shevchenko University. During his postgraduate studies, he participated in the Tempus-Tacis program and spent 6 months at the University of Genoa, Italy.
In 1999, Sergii Yakubovskiy was a Research Fellow at Yale University, and in 2004-2005, he was a Fulbright Visiting Scholar at Columbia University. In 2024, he defended his Doctor of Science dissertation at the Institute of World Economy and International Relations of the National Academy of Sciences of Ukraine.
From 2013, he has been a coordinator and key researcher of multiple EU-funded scientific and educational projects. Sergii also directed and led projects funded by the Open Society Foundation from 2003 to 2014. He has served as a visiting professor at several universities, including the University of Foggia (2016), Bologna University (2018), and Free University of Berlin (2019, 2022), where he taught courses on topics such as economic inclusion, the Eurozone debt crisis, and the effects of budget deficits and public debts in the EU, the US, and Ukraine.
He has authored over 200 scientific papers, 25 of which are indexed in Scopus, where he holds an h-index of 8. His research covers a broad range of economic and international relations topics, contributing to the academic and practical understanding of these fields.
Socio-Economic Consequences of the Current Budget Policy in the EU and Ukraine
At the start of the third decade of the 21st century, humanity faced two major crises: the Covid-19 pandemic, beginning in 2020, and Russia's full-scale war against Ukraine, starting on February 24, 2022. While the death toll from the war is currently lower than the Covid-19 epidemic, the ongoing military aggression presents a global threat.
The pandemic and war have most severely impacted European countries and Ukraine. The EU had to allocate trillions of euros to support healthcare, citizens, and economic activity during the pandemic. With the onset of the war, EU countries also funded Ukrainian refugee reception and provided financial aid to Ukraine. Additionally, the war led to a rise in energy prices, forcing the EU to offer support to industries and citizens to offset the price surge. Meanwhile, in Ukraine, Russian aggression led to significant human and production losses, leaving the country heavily reliant on foreign financial assistance.
The key research objective of this project is to assess the impact of the budget deficits caused by the pandemic and Russia’s aggression on the socio-economic development of the EU and Ukraine. The study aims to uncover Ukraine’s dependence on external financing and propose strategies for reducing the budget deficit in the future.
This study builds on previous research on financial, debt, and budgetary policies of developed and emerging market economies, published in five Scopus-indexed articles over the past five years. The events of 2020-2023, however, have drastically altered national economic conditions, necessitating fresh research on the consequences of budget deficits and public debt on future development.
The findings will be used to prepare at least two articles for international journals, presented at international conferences, covered in the media, and integrated into the educational process at the Department of World Economy and International Economic Relations at Odesa I. I. Mechnikov National University.