Estonian Economy and Monetary Policy 3/2001

Monetary Developments & Policy Survey. March 2001

CONTENTS

I. SURVEY OF THE ECONOMIC POLICY
Monetary Developments
Financial Sector
Inflation
Government Sector
Real Sector and Foreign Trade
II. ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
The United States of America and Japan
Emerging Economic Space
Emerging Countries
Central and East European Countries
Russia
Financial Markets in Developed Countries
ESTONIAN ECONOMY
Domestic Demand
Private Consumption and Investments
Public Sector
Domestic Saving
Domestic Supply
External Sector
BACKGROUND INFORMATION
NOTES TO ESTONIA'S BALANCE OF PAYMENTS INCOME ACCOUNT
Balance of Payments and Gross Domestic Product
Current Account Income Balance: Methodology
Implication of Income Account on Current Account in 1993-2000
III. INFLATION
Price Increase Above the Long-Term Trend
Estonia's Terms of Trade
Real Exchange Rate of the Kroon
IV. MONETARY POLICY ENVIRONMENT
Monetary Environment
Capital Flows and Base Money
Monetary Aggregates
Money and Foreign Exchange Markets
Liquidity Assets
Money Market Interest Rates
Credit Market
Loan Aggregates
Interest Rates in 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
Leasing
Investment Funds
Payment System