Estonian Economy and Monetary Policy 3/2000

Monetary Developments & Policy Survey. March 2000

CONTENTS

I. SURVEY OF THE ECONOMIC POLICY
Monetary Developments
Financial Sector
Real Economy
Inflation
Government Sector
Structural Development of Economy
Developments in Near Future
II. ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
Economic Development in the USA and Japan
Emerging Countries
Development in European Economic Space
Development in Financial Markets
Prices for Raw Materials
Currencies
Stocks
Interest Rates
ESTONIA'S ECONOMY
Domestic Demand
Private Consumption and Investments
Public Sector
Domestic Saving
Domestic Supply
External Sector
III. INFLATION
Discordant Price Growth Indicators
Dissent from Long-Term Trend
Real Effective Exchange Rate of the Estonian Kroon
BACKGROND INFORMATION
External Inflation and Changes in Nominal Exchange Rates as Modifiers of Estonia's Price Level
IV. MONETARY POLICY ENVIRONMENT
Foreign Capital Inflow
Monetary Aggregates
Money Market
Liquidity Buffers and Money Market
Money Market Interest Rates
Credit Market
Lending Volumes
Long-Term Interest Rates
BACKGROUND INFORMATION
Factors Influencing the Volatility of Eesti Pank Foreign Currency Reserves
Euro's First Year
V. FINANCIAL SECTOR
Banking
Banks' Assets and Their Quality
Liabilities
Return on Equity
Securities Market
Bond Market
Stock Market
Other Financial Intermediaries
Insurance
Investment Funds
Leasing
Payment System