Estonian Economy and Monetary Policy 1997
Monetary Developments & Policy Survey 1997
CONTENTS
- INTRODUCTION
- I. GENERAL SURVEY OF THE ESTONIAN ECONOMY
- Domestic Supply
- Private Consumption
- Public Sector Consumption
- Investments
- Domestic Supply
- Foreign Sector
- Labour Market
- Background Information
- Fiscal Policy in Estonia: Objectives and Procedures
- Changes in the Balance of Payments Statistics
- Credit Rating
- Estonia's Country Rating
- II. INFLATION AND REAL EXCHANGE RATE OF THE KROON
- Inflation in 1997
- Long-term Development of Inflation
- Impact of Short-term Factors
- Real Effective Exchange Rate (REER) of the Kroon
- III. MONEY, INTEREST RATES AND CAPITAL FLOWS
- External Factors
- Monetary Aggregates
- Loans
- Money and Foreign Exchange Market
- Interest Rates
- Background Information
- About the Currency Board System
- Currency Speculations
- IV. FINANCIAL SECTOR
- Banking
- Securities Market
- Bond Market
- Stock Market
- Other Financial Intermediaries
- Background Information
- Situation on Emerging Markets
- Quicker Development of Financial Markets
- Causes of Crisis
- Crisis Intensifies
- Conclusions
- Stylized Facts About Financial Crises of the Last Decade
- What is a Financial Crises?
- Nordic Countries
- Mexico in 1994
- Central Europe and South-East Asia in 1997
- Conclusions
- Development of Financial and Real Estate Markets in the Context of Monetary Policy and Inflation
- V. MAJOR DECISIONS MADE REGARDING ECONOMIC POLICY IN 1997
- Problems Emerging at the Beginning of the Year and Measures Applied in April
- Developments in Spring and Summer and Adjustment in October
- Measures Applied in Economic Policy in Autumn
- Background Information
- Role of the International Monetary Fund
- Estonia's Relations with the IMF