Estonian Economy and Monetary Policy 9/2001

Monetary Developments & Policy Survey. September 2001

CONTENTS

I. SURVEY OF THE ECONOMIC POLICY
Monetary Developments
Financial Sector
Inflation
Real Economy
Government Sector
II. ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
The United States of America and Japan
European Economic Space
Emerging Countries
International Financial Markets
ESTONIAN ECONOMY
Domestic Demand
Private Consumption and Investments
Public Sector
Domestic Saving
Domestic Supply
External Sector
BACKGROUND INFORMATION
THE ROLE OF ECONOMIC POLICY MEMORANDA IN ESTONIA'S DEVELOPMENT
IN RETROSPECT: Macroeconomic Stabilization in 1992-1994
Economic Growth in 1995-1998
Years of Correction in 1998-2001
Economic Policy Memoranda Now and in the Near Future
III. INFLATION
Impact of the Euro Zone on Estonian Prices
Real Exchange Rate of the Kroon
IV. MONETARY POLICY ENVIRONMENT
Monetary Environment
Capital Flows
Monetary Aggregates
Liquid Assets
Money Market and Foreign Exchange Market
Money Market Interest Rates
Forward Market
Real Sector Interest Rates
Credit Market
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