Board

Seminars

Press Conferences

The museum and museum shop of Eesti Pank are closed

Presentation by Governor Madis Müller to the Youth Council of the Reform Party

The Governor’s meeting with Sunly representatives

Governor of Eesti Pank Madis Müller participates in the meeting of the Bank for International Settlements (BIS) in Basel

STATISTICAL RELEASE: Balance of payments flash estimate for March 2024

Financial Stability Review. At 11 a.m., Governor Madis Müller and Economist at the Financial Stability Department Mari Tamm will give an overview of the state and main risks in the Estonian financial sector.

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PRESS CONFERENCE. Financial Stability Review 

Deputy Governor Veiko Tali participates in the meeting of the Supervisory Board of the Single Banking Supervision (SSM) of the European Central Bank in Limassol 

Deputy Governor of Ülo Kaasik participates as a representative of the Competitiveness Expert Council in presenting their report before the Riigikogu

From 10:30 to 12:00, Julia Le Blanc, economist at the European Joint Research Centre, will present a study on how much the proportion of homeowners varies from country to country, what the possible causes are, and how these differences affect household wealth. France, Germany, Italy, Spain and the USA are under review. The seminar is in English and viewable <a href="https://eestipank.webex.com/eestipank/j.php?MTID=mcd3e9cf28363b1bd660c184bb6ef9c76">via Webex</a>.

<div class="emphasize">Housing Wealth Across Countries: The Role of Expectations, Institutions and Preferences

Homeownership rates and holdings of housing wealth differ immensely across countries. We specify and estimate a life cycle model with risky labor income and house prices in which households face a discrete–continuous choice between renting and owning a house, whose sale is subject to transaction costs. The model allows us to quantify three groups of explanatory factors for long-run, structural differences in the extensive and intensive margins of housing: the homeownership rate and the value of housing wealth of homeowners. First, in line with survey evidence, we allow for differences in expectations of house prices. Second, countries differ in the institutional set-up of the housing market: maximum loan–value ratio and costs of renting, maintaining and selling a house. Third, we allow for differences in household preferences: the dispersion in discount factors, the share of housing expenditure and the bequest motive. We estimate the model using micro data from five large economies and provide a decomposition to interpret what drives the cross-country differences in housing wealth. We find that all three groups of factors matter, although preferences less so. Differences in homeownership rates are strongly affected by (i) house price beliefs and (ii) the rental wedge, the difference between rents and maintenance costs, which reflects the quality of the rental market. Differences in the value of housing wealth are substantially driven by housing maintenance costs.
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RESEARCH SEMINAR.  Julia Le Blanc "Housing Wealth Across Countries: The Role of Expectations, Institutions and Preferences"

On Saturday, 18 May, all families are welcome to the playful financial literacy event at the Eesti Pank Museum, lasting from 11 AM to 4 PM. The museum night will start at 6 PM. Read more on <a href="https://www.eestipank.ee/muuseum/mustkunstitrikkide-ja-mangudega-perepaev-muundub-ponevaks-muuseumiooks">the Eesti Pank Museum website (in Estonian)</a>.

Financial literacy event and museum night at the Eesti Pank Museum

Governor Madis Müller participates in the informal meeting of the Governing Council of the ECB in Ireland 

Issue of a 2-euro circulation coin dedicated to the Estonian national flower, the cornflower

Deputy Governor Veiko Tali participates in a seminar on the 25th anniversary of the Financial Intelligence Unit

STATISTICAL RELEASE. Interest rates (Q1 2024)

Comment on labour market developments in the first quarter of 2024

Presentation by Governor Madis Müller at the Reykjavík Economic Conference in the panel "Stabilisation in small open economies: With or without independent monetary policy"

Governor Madis Müller participates in the welcome ceremony for the official state visit of the President of the Republic of Finland

STATISTICAL RELEASE. Statistics on banks and leasing companies (April 2024)

Meeting of the Payment Forum

Deputy Governor Ülo Kaasik participates in the debate in the Riigikogu on the issue of national importance "How not to live in debt as a country?"

Comment on economic growth for Q1 2024

mai 2024