Estonian Economy and Monetary Policy 9/2001Monetary Developments & Policy Survey. September 2001CONTENTSI. SURVEY OF THE ECONOMIC POLICYMonetary DevelopmentsFinancial SectorInflationReal EconomyGovernment SectorII. ECONOMIC DEVELOPMENTSEXTERNAL ENVIRONMENTThe United States of America and JapanEuropean Economic SpaceEmerging CountriesInternational Financial MarketsESTONIAN ECONOMYDomestic DemandPrivate Consumption and InvestmentsPublic SectorDomestic SavingDomestic SupplyExternal SectorBACKGROUND INFORMATIONTHE ROLE OF ECONOMIC POLICY MEMORANDA IN ESTONIA'S DEVELOPMENTIN RETROSPECT: Macroeconomic Stabilization in 1992-1994Economic Growth in 1995-1998Years of Correction in 1998-2001Economic Policy Memoranda Now and in the Near FutureIII. INFLATIONImpact of the Euro Zone on Estonian PricesReal Exchange Rate of the KroonIV. MONETARY POLICY ENVIRONMENT Monetary EnvironmentCapital FlowsMonetary AggregatesLiquid AssetsMoney Market and Foreign Exchange MarketMoney Market Interest RatesForward MarketReal Sector Interest RatesCredit MarketV. FINANCIAL SECTORBankingBanks' Assets and their QualityLiabilitiesReturn on EquitySecurities MarketStock MarketBond MarketOther Financial IntermediariesInsuranceLeasingInvestment FundsPayment SystemFailidSURVEY OF THE ECONOMIC POLICYECONOMIC DEVELOPMENTSThe Role of Economic Policy Memoranda in Estonia's Development (background material)INFLATIONMONETARY POLICY ENVIRONMENTFINANCIAL SECTORContents (PDF)