Table 9

Ukraine: Determinants of M2 Growth
(Quarterly Data, 1992-1996)

Regression Coefficients
Independent VariablesLagged CPI Growth Lagged CPI and Real GDPLagged Real GDP
Enterprise Credits Growth Rate .708.680.702
(6.680)** (5.849)**(5.542)**
Government Credits Growth Rate-.019.0014.020
(-.315)(.021) (.335)
Real GDP Growth Rate.252
(1.641)
Real GDP Growth Rate, Lagged One Quarter -.061 -.139
(-.304) (-1.705)
CPI Index Growth Rate-.05
(-.530)
CPI Index Growth Rate, Lagged One Quarter.129-.082
(1.526)(-.561)
Energy Price Index Growth Rate .067.058.082
(.989)(.771)(1.000)
Constant 5.0185.4688.395
R-square .867.836.835
F-statistic 14.34511.20311.163
(F Significance Level)(.000)**(.001)** (.001)**
Durbin-Watson 2.2632.5902.405
Durbin-h statistics CPI: -.5789CPI: -1.4709GDP: -.9860
GDP: -2.1502
Notes: