Kravchuk: Table 8

Table 8

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

	Dependent Variable Regression Coefficients
Independent Variables	M2 Growth Rate	M3 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)
Constant	13.278	15.035
R-square	.618	.568
F-statistic	5.266	4.269
(F Significance Level)	(.010)**	(.020)**
Durbin-Watson	1.370	1.081

Notes:

(1) ** Significant at .01 level. (t-ratios in parentheses.)
(2) Sample Period: 1Q:92 - 2Q:96.
(3) Growth rates are quarterly exponential growth rates.
(4) The low Durbin-Watson statistics here suggest the presence of positive serial correlation; however, a Lagrangian multiplier test of residual serial correlation does not indicate the presence of serial correlation at the .05 level.

Table 8 Ukraine: Test for Effects of Inflation Growth on Money Growth (Quarterly Data, 1992-1996)

Table 8

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