Table 8

Ukraine: Test for Effects of Inflation Growth on Money Growth
(Quarterly Data, 1992-1996)

Dependent Variable Regression Coefficients
Independent VariablesM2 Growth RateM3 Growth Rate
CPI Index Growth Rate-.114.023
(-.858)(.167)
Enterprise Credits Growth Rate.499.436
(3.111)**(2.578)**
Government Credits Growth Rate.118.098
(1.699)(1.343)
Energy Price Index Growth Rate.047-.016
(.414)(-.132)
Constant13.27815.035
R-square.618.568
F-statistic5.2664.269
(F Significance Level)(.010)**(.020)**
Durbin-Watson1.3701.081
Notes: