Table A-3
Ukraine - Enterprise Real Balances, Seigniorage, and the Inflation Tax, 1991-96

(Billions of Current KBV)
Period
Enterprise Holdings
Demand Deposits Time Deposits Enterprise Financial Assets
 Growth Rate (note 1) Enterprise Share of Broad Money CPI Index (4Q:91=100) Quarterly Inflation (note 2) Enterprise 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
1991-4Q 68.3 12.6 80.9 n.a. 30.7 100 n.a. 80.9
1992-1Q 111.2 29.4 140.6 55.3 37.4 478 156 29.4 14.59 28.3 79.8 107.3 26.4 74.4
2Q 338.6 69.7 408.3 106.6 53.5 787 50 51.9 9.44 42.4 19.9 122.5 34.6 16.2
3Q 498.9 130.8 629.7 43.3 52.5 1332 53 47.3 8.73 20.5 25.1 103.2 19.9 24.3
4Q 1304.9 234 1538.9 89.4 61.5 2048 43 75.1 6.02 53.6 25.8 113.1 47.4 22.8
1993-1Q 262.1 577 3198 73.1 70.1 7708 133 41.5 7.48 41 74.6 77.6 52.8 96.1
2Q 4223 1240 5463 53.5 68.7 20872 100 26.2 8.75 17.6 32.9 57.3 30.7 57.4
3Q 16585 2922 19507 127.3 75.8 63020 111 30.9 7.08 36.7 32 54.8 66.9 58.4
4Q 18410 3659 22069 12.3 58.1 290195 153 7.6 16.24 2 25.3 30.8 6.5 82.1
1994-1Q 21384 4442 25826 117 46.5 411698 35 6.3 22.76 1.9 3.2 35.7 5.3 8.9
2Q 38447 10309 48756 63.5 51.8 476548 15 10.2 15.55 5.1 1.2 39.8 12.8 3
3Q 77718 15185 92903 64.5 57.7 535648 12 17.3 10.16 8.7 1.6 44.1 19.7 3.6
4Q 97130 19352 116482 21.5 53.8 1453691 100 8 17.44 2.5 11.8 34.9 7.2 33.8
1995-1Q 100347 25822 126169 8 47.1 2317981 159 5.4 26.74 0.1 2.7 36.3 0.3 7.4
2Q 147504 24554 172058 31 44.6 2688366 15 6.4 25.92 1.9 0.9 41.5 4.6 2.2
3Q 176151 26951 203102 16.6 43.7 3378329 23 6 28.77 1 1.4 43.2 2.3 3.2
4Q 178927 32725 211652 4.1 40.2 4094330 19 5.2 31.45 0.2 1 40.6 0.5 2.5
1996-1Q 178476 36786 215262 1.7 38.7 4954330 19 4.3 31.27 0.1 1 33.9 0.3 2.9
2Q 171767 34550 206317 -4.2 34 5114524 3 4 35.12 1.1 0.8 35.4 3.1 2.3
3Q 177300 34400 211700 2.6 34.1 5519687 8 3.8 39.07 0.1 0.3 37.5 0.3 0.8
4Q 187873 38943 226816 6.9 34.3 5720740 4 4 43.89 0.5 0.3 43.5 1.1 0.7
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: Enterprise Velocity = (Annualized Nominal GDP)/Enterprise Assets.
Note 4: Enterprise Seigniorage = (Change in Enterprise Real Balances)/[Enterprise Assets Growth Rate/(Enterprise 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.
Real balances, velocity, seigniorage and inflation tax are author's calculations.