Table 7

Ukraine: Effects of Enterprise Credits and Money Growth on Inflation
Quarterly Data, 1992-1996
[Dependent Variable = CPI Growth Rate]

Regression Coefficients
Independent VariablesVersion 1 Version 2Full Model
M2 Growth Rate-.465-.461-.472
(-.973)(-.776)(-.858)
Enterprise Credits Growth Rate.8531.009.837
(2.413)*(2.656)*(2.294)*
Government Credits Growth Rate Rate.084.0050
(.518)(.032)
Energy Price Index Growth Rate.381.379
(1.975)(1.819)
Constant16.04825.812 15.969
R-square.536.418.536
F-statistic5.3853.3463.751
(F Significance Level)(.011)*(.050)*(.031)*
Durbin-Watson1.826 1.6861.826
Notes:
(1) * Significant at .05 level. (t-ratios in parentheses.)
(2) Sample Period: 1Q:92 - 2Q:96.
(3) Growth rates are quarterly exponential growth rates.
(4) Changes in Net Domestic Assets, Net Domestic Credits and Changes in Currency in Circulation were not found to have an effect.