Estonian Economy and Monetary Policy 3/2002

Monetary Developments & Policy Survey. March 2002

CONTENTS

I. SURVEY OF THE ECONOMIC POLICY
Monetary Policy Environment
Financial Sector
Inflation
Inflation
Real Economy
Government Sector
Forecast
II. EXTERNAL ENVIRONMENT
EXTERNAL ENVIRONMENT
The United States of America and Japan
European Union
Emerging Countries
International Financial Markets
ESTONIAN ECONOMY
Domestic Demand
Private Consumption and Investments
Public Sector
Domestic Saving
Domestic Supply
External Sector
BACKGROUND INFORMATION
WHY DID GOODS EXPORT MAINTAIN A RELATIVELY HIGH GROWTH RATE IN 2001?
III. INFLATION
General Development of Prices
External and Administrative Pressures
Real Exchange Rate of the Kroon
BACKGROUND INFORMATION
INTEREST SPREAD OF INFLATION RATES
IV. MONETARY SECTOR DEVELOPMENT
Monetary Policy Environment
Money Market
Liquidity Environment
Capital Flows
Money Supply
Credit Aggregates
Real Sector Interest Rates
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