Table 12

Ukraine - Quarterly Sectoral Liquidity Indicators, 1991 - 1996

Annual Nominal Liquidity Expressed as a Proportion of Annual Retail Sales
Retail Sales Entire Economy Enterprise Sector Household Sector
Period (Rolling 4 Quarters) M1 M2 M3 D S S + D S + D + F DSD HM % Cash
1991-4Q 132 1.333 1.993 1.993 0.517 0.095 0.613 0.614 1.125 1.381 18.5
1992-1Q 198 1.324 1.897 1.897 0.562 0.148 0.71 0.711 0.88 1.187 25.9
2Q 343 1.785 2.23 2.25 0.987 0.203 1.19 1.214 0.563 1.055 46.6
3Q 689 1.447 1.746 1.833 0.724 0.19 0.914 1.001 0.334 0.833 59.6
4Q 1456 1.502 1.719 1.844 0.896 0.161 1.057 1.183 0.217 0.662 67.2
1993-1Q 3006 1.281 1.518 1.815 0.872 0.192 1.064 1.362 0.156 0.454 65.7
2Q 5848 1.111 1.361 1.929 0.722 0.212 0.934 1.503 0.134 0.427 68.5
3Q 14147 1.613 1.843 2.191 1.172 0.207 1.379 1.728 0.093 0.464 79.9
4Q 43824 0.767 0.868 1.077 0.42 0.084 0.504 0.713 0.072 0.364 80.2
1994-1Q 86425 0.555 0.642 0.773 0.247 0.052 0.299 0.429 0.069 0.343 79.6
2Q 140910 0.549 0.668 0.772 0.273 0.073 0.346 0.45 0.08 0.322 75.2
3Q 206929 0.662 0.778 0.901 0.376 0.123 0.449 0.571 0.075 0.329 77.2
4Q 283038 0.658 0.765 1.115 0.343 0.027 0.177 0.762 0.073 0.353 79.2
1995-1Q 434100 0.521 0.618 0.907 0.231 0.06 0.291 0.579 0.066 0.327 79.9
2Q 625600 0.548 0.616 0.849 0.236 0.039 0.275 0.508 0.057 0.342 83.4
3Q 885100 0.474 0.525 0.722 0.199 0.03 0.229 0.426 0.043 0.295 85.5
4Q 1196400 0.391 0.441 0.572 0.149 0.027 0.177 0.309 0.044 0.264 83.2
1996-1Q 1366200 0.357 0.407 0.519 0.128 0.027 0.158 0.269 0.041 0.249 82.1
2Q 1498300 0.358 0.406 0.502 0.115 0.023 0.141 0.234 0.046 0.268 82.8
3Q 1583900 0.345 0.393 0.479 0.112 0.022 0.134 0.22 0.049 0.259 81.2
4Q 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.
Sources:
Retail sales 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.