Estonian Economy and Monetary Policy 3/2003

Monetary Developments & Policy Survey. March 2003

CONTENT

I. SURVEY OF THE ECONOMIC POLICY
ESTONIA
Financial Sector
Inflation
Real Economy
Public Sector
II. ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
Global Background
United States of America
Japan
Euro area
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
ESTONIAN PENSION REFORM AND ITS IMPLICATIONS ON BALANCED BUDGET
RAPID GROWTH OF ESTONIA'S GOODS EXPORT SUSTAINED
III INFLATION
CPI and Other Price Indices
Changes in the Real Exchange Rate of the Estonian Kroon
IV DEVELOPMENT OF MONETARY ENVIRONMENT
Liquidity Environment and Interest Rates
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