Table A-2
Ukraine - Household Real Balances, Seigniorage, and the Inflation Tax, 1991-96

(Billions of Current KBV)
Period
Held By Households
Currency in Circulation Demand Deposits Time Deposits Household Financial Assets
Growth Rate (note 1) Household Share of Broad Money CPI Index (4Q:91=100) Quarterly Inflation (note 2) Household 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 17.2 n.a.
1990 17.4 n.a.
1991-4Q 33.8 73.8 74.7 182.3 n.a. 69.3 100 n.a. 182.3
1992-1Q 60.8 90.2 84.1 235.1 25.4 62.6 478 156 49.2 8.73 25.8 158.9 107.3 24 148.1
2Q 168.6 105.1 88 361.7 43.1 47.5 787 50 45.9 10.66 17.5 20.8 122.5 14.3 17
3Q 343.2 155.1 75.3 573.6 46.1 47.7 1332 53 43.1 9.58 18.7 21.5 103.2 18.1 20.8
4Q 647.4 233.9 82.8 964.1 51.9 38.5 2048 43 47.1 9.61 22.7 18.8 113.1 20 16.6
1993-1Q 896 335 133 1364 34.8 29.9 7708 133 17.7 17.55 10.4 18.9 77.6 13.4 24.4
2Q 1710 568 217 2495 60.4 31.4 20872 100 11.9 19.17 8.8 14.6 57.3 15.4 25.5
3Q 5246 982 335 6563 96.7 25.2 63020 111 10.4 21.03 10.1 11.6 54.8 18.4 21.2
4Q 12790 2403 764 15957 88.8 41.9 290195 153 5.5 22.45 6.8 11.7 30.8 22.1 37.9
1994-1Q 23615 3007 3037 29659 61.9 53.5 411698 35 7.2 19.82 3.9 2.2 35.7 10.9 6.2
2Q 34066 4832 6428 45326 42.4 48.2 476548 15 9.5 16.73 3.6 1.3 39.8 9 14.4
3Q 52541 6725 8816 68082 40.7 42.3 535648 12 12.7 13.87 4.5 1.3 44.1 10.2 2.9
4Q 79104 9900 10920 99924 38.4 46.2 1453691 100 6.9 20.33 3.6 9.4 34.9 10.3 26.9
1995-1Q 113444 12397 16135 141976 35.1 52.9 2317981 159 6.1 23.76 0.3 1.1 36.3 0.8 3
2Q 178241 17612 17987 213840 40.9 55.5 2688366 15 8 20.85 3 1.1 41.5 7.2 2.7
3Q 223527 19965 17807 261299 20 56.3 3378329 23 7.7 22.37 2 2.3 43.2 4.6 5.3
4Q 262330 26932 26016 315274 18.8 59.8 4094330 19 7.7 21.11 0 0 40.6 0 0
1996-1Q 280007 28935 32012 340954 7.8 61.3 4954330 19 6.9 19.74 0.6 0.7 33.9 1.8 2.1
2Q 332400 31634 37304 401338 16.3 66 5114524 3 7.8 18.05 1.1 0.2 35.4 3.1 0.6
3Q 333000 35600 41700 410300 2.2 65.9 5519687 8 7.4 20.16 0.2 0.6 37.5 0.5 1.6
4Q 333020 41475 59837 434332 5.7 65.7 5720740 4 7.6 22.92 0.7 0.5 43.5 1.6 1.1
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: Household Velocity = (Annualized Nominal GDP)/Household Assets.
Note 4: Seigniorage = (Change in Household Real Balances)/[Household Assets Growth Rate/(Household Assets 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 (October 1996; 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.