Estonian Economy and Monetary Policy 6/2000

Monetary Developments & Policy Survey. June 2000

CONTENTS

I. SURVEY OF THE ECONOMIC POLICY
Monetary Developments
Financial Intermediation
Inflation
Government Sector
Real Economy
BACKGROUND INFORMATION
ECONOMIC PROJECTIONS FOR 2000-2001
General Vision - Moderately Optimistic but More Balanced
Development Compared to the Earlier Period
General Assumptions of Forecast
II. ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
The United States of America and Japan
Emerging Countries
Development in European Economic Space
European Union and Euro Area
Finland
Sweden
Central and Eastern Europe
Development of Financial Markets
Prices for Raw Materials
Currencies
Stocks
Interest Rates
ESTONIAN ECONOMY
Domestic Demand
Private Consumption and Investments
Public Sector
Domestic Saving
Domestic Supply
External Sector
III. INFLATION
External Pressure
Low Inflation Rate and Price Convergence
REER and Competitiveness
IV. MONETARY POLICY ENVIRONMENT
Foreign Capital Inflow
Monetary Aggregates
Money Market
Liquidity Buffers and Money Market
Forward Market
Money Market Interest Rates
Credit Market
Lending Volumes
Long-Term Interest Rates
BACKGROUND INFORMATION
EXTERNAL FINANCING OF REAL SECTOR
V. FINANCIAL SECTOR
Banking
Banks' Assets and their Quality
Liabilities
Return on Equity
Securities Market
Stock Market
Bond Market
Other Financial Intermediaries
Insurance
Investment Funds
Leasing
Payment System