Estonian Economy and Monetary Policy 9/2002

Monetary Developments & Policy Survey. September 2002

CONTENTS

I. SURVEY OF THE ECONOMIC POLICY
Monetary Policy Environment
Financial Sector
Inflation
Real Economy
Government Sector
Outlook
II. ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
The United States of America
Euro area
Japan
Nordic Countries
Latin America
Asia
Central and Eastern Europe
Russia
International Financial Markets
ESTONIAN ECONOMY
Domestic Demand
Private Consumption and Investments
Public Sector
Domestic Saving
Economic Growth
Domestic Supply
Employment
BACKGROUND INFORMATION
IMPACT OF THE DEPRECIATION OF THE US DOLLAR ON THE EXTERNAL BALANCE OF THE ESTONIAN ECONOMY
III INFLATION
Slowdown of the Price Increase
Changes in the Real Rate of the Kroon
IV MONETARY SECTOR DEVELOPMENT
Liquidity Environment and Money Market
Capital Flows
Money Supply
Credit Market
Interest Rates in Real Sector
V. FINANCIAL SECTOR DEVELOPMENT
Banking
Banks' Assets and Their Quality
Liabilities and Equity Capital
Profitability
Securities Market
Bond Market
Stock Market
Other Financial Intermediaries
Investment Funds
Insurance
Payment System