Table 11

Ukraine - Sectoral Liquidity Indicators, 1988 - 1996

Liquidity Expressed as a Percent of Annual Retail Sales
Annual Retail Sales Entire Economy Enterprise Sector Household Sector
Period (Nominal) M1 M2 M3 D S S + D S + D + F DSD HM % Cash
1988 61 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
1989 67 1.295 1.694 1.694 0.301 0.027 0.328 n.a. 1.001 1.231 18.8
1990 78 1.201 1.677 1.677 0.356 0.031 0.387 n.a. 0.961 1.163 17.3
1991 132 1.333 1.993 1.993 0.517 0.095 0.613 0.614 1.125 1.381 18.5
1992 1456 1.502 1.719 1.844 0.896 0.161 1.057 1.183 0.217 0.662 67.2
1993 43824 0.767 0.868 1.077 0.421 0.084 0.504 0.713 0.072 0.364 80.2
1994 283038 0.658 0.765 1.115 0.343 0.069 0.412 0.762 0.073 0.353 79.2
1995 1196400 0.391 0.44 0.572 0.149 0.027 0.177 0.309 0.044 0.264 83.2
1996 1569600 0.358 0.421 0.505 0.12 0.025 0.145 0.228 0.065 0.277 76.7
Notes:
(1) M1 = Cash in Circulation + Demand Deposits; M2 = M1 + Savings Deposits; M3 = M2 + Foreign Currency Deposits.
(2) For the Enterprise Sector: D = Demand Deposits; S = Savings Deposits; F = Foreign Currency Deposits.
(3) For the Household Sector: DSD = Demand Deposits + Savings Deposits; %Cash = Cash as a Pct. of Total Monetary Holdings.
Source:
Retail sales data are from OECD, "Short-Term Economic Indicators - Transition Economies," various issues. Money supply data are from Marcin Luczynski and Oleg Novoselsky, "Ukraine in Numbers Year End 1996 Review," Ukrainian Legal and Economic Bulletin (March 1997), table 8, p. 40. Liquidity Indicators are the author's calculations.