Table A-1

Ukraine - Real Balances, Seigniorage, and the Inflation Tax, 1991-96
(Includes Household and Enterprise Sectors)

Period M1 (Narrow Money) M2 (Broad Money) M3 (M2 + FCD)
Growth Rates (note 1)
M1 M2
 CPI Index (4Q:91=100) Quarterly Inflation (note 2) M2 Real Balances Velocity (Annual) (note 3) Seigniorage (note 4) Inflation Tax Quarterly Real GDP (note 5) Seigniorage as % of GDP Inflation Tax as % of GDP
1989 79 13.4 13.4
1990 93.6 130.7 130.7
1991-4Q 175.9 263.1 263.2 n.a. n.a. 100 n.a. 263.1
1992-1Q 262.2 375.6 375.7 39.9 35.6 478 156 78.6 5.46 54.6 239.1 107.3 50.9 222.8
2Q 612.3 765 773.1 84.8 71.1 787 50 97.2 4.99 62.7 44.1 122.5 51.2 86.1
3Q 997.2 1203.3 1262.9 48.8 45.3 1332 53 90.3 4.35 40.6 47.5 103.2 39.3 46
4Q 2186.2 2502.3 2685.3 78.5 73.2 2048 43 122.2 7.7 77.3 45.5 113.1 68.3 40.1
1993-1Q 3852 4562 5457 56.6 60.1 7708 133 59.2 9.57 51.9 114.9 77.6 45.1 148.1
2Q 6500 7957 11282 52.3 55.6 20872 100 38.1 6.01 26.4 47.5 57.3 46.1 82.9
3Q 22813 26070 31003 125.6 118.7 63020 111 41.4 5.29 50.9 47.6 54.8 92.9 86.9
4Q 33604 38027 47204 38.7 37.8 290195 153 13.1 9.42 9.3 37.9 30.8 30.2 123.1
1994-1Q 48006 55485 66767 35.7 37.8 411698 35 13.5 10.59 5.4 5 35.7 15.1 14
2Q 77345 94082 108716 47.7 52.8 476548 15 19.7 8.06 8.7 2.5 39.8 21.9 6.3
3Q 136984 160985 186303 57.2 53.7 535648 12 30 5.87 13.3 3 44.1 30.2 6.8
4Q 186134 216406 315465 30.7 26.6 1453691 100 14.9 9.39 5.5 20.6 34.9 15.8 59
1995-1Q 226188 268145 393535 19.5 21.4 2317981 159 11.6 12.58 0.5 3.8 36.3 1.4 10.5
2Q 342907 385448 531433 41.6 36.3 2688366 15 14.3 11.57 4.6 1.9 41.5 11.1 4.6
3Q 419644 464401 638632 20.2 18.6 3378329 23 13.8 12.58 2.1 2.6 43.2 4.9 6
4Q 468189 526930 684633 11.1 12.6 4094330 19 12.9 12.63 1.8 2.7 40.6 4.4 6.7
1996-1Q 487418 556216 708618 4 5.4 4954330 19 11.2 12.1 0.7 2.4 33.9 2.1 7.1
2Q 535801 607655 752233 9.5 8.8 5114524 3 11.9 11.92 1.1 0.4 35.4 3.1 1.1
3Q 545900 622000 759200 1.9 2.3 5519687 8 11.3 13.3 0.2 0.8 37.5 0.5 2.1
4Q 562368 661148 792266 2.9 6.1 5720740 4 11.6 15.06 0.9 0.6 43.5 2.1 1.4
Notes:
Note 1: Growth rates are exponential within quarters, such that g = ln(%growth) .
Note 2: Quarterly exponential growth rate within quarters. (See Note 1.)
Note 3: Velocity = (Annualized Nominal GDP)/M2.
Note 4: Seigniorage = (Change in Real Balances) x [M2 Growth Rate/(M2 Growth Rate - CPI Growth Rate)]. Inflation Tax = Seigniorage - Change in Real Balances.
Note 5: 4Q:1991 = 100.
Sources:
Marcin Luczynski and Volodymyr Husak, "Ukraine in Numbers," Ukrainian Legal and Economic Bulletin (October1996; December 1996; March 1997), Table 8.The data for 1989 and 1990 are from IMF (1993), Table A21, p. 65.
Real balances, velocity, seigniorage and inflation tax are author's calculations.