Estonian Economy and Monetary Policy 12/2002

Monetary Developments & Policy Survey. December 2002

CONTENTS

I. SURVEY OF THE ECONOMIC POLICY
ESTONIA
Financial Sector
Inflation
Real Economy
Public Sector
BACKGROUND INFORMATION
ECONOMIC FORECAST FOR 2003-2004
II. ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
Global Background
United States of America
Euro area
Japan
Nordic Countries
Baltic Countries
Central Europe
Russia
International Financial Markets
ESTONIAN ECONOMY
Domestic Demand
Private Consumption and Investments
Public Sector
Domestic Saving
Economic Growth
Domestic Supply
Employment
BACKGROUND INFORMATION
CHANGE IN DOMESTIC REAL SECTOR FINANCIAL BEHAVIOUR
III INFLATION
CPI and Other Price Indices
Changes in the Real Rate of the Kroon
IV MONETARY ENVIRONMENT DEVELOPMENT
Liquidity Environment and Interest Rates
Capital Flows
Monetary and Loan Aggregates
V. FINANCIAL SECTOR DEVELOPMENT
Banking
Banks' Assets and Their Quality
Liabilities
Return on Equity
Securities Market
Stock Market
Bond Market
Other Financial Intermediaries
Investment Funds
Insurance
Payment System