Estonian Economy and Monetary Policy 6/2003

Monetary Developments & Policy Survey. June 2003

CONTENT

I. ECONOMIC POLICY SURVEY
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 and Commodity Markets
ESTONIAN ECONOMY
Extermal Demand
Internal Supply
Internal Demand
Investments
Private Consumption
Public Sector
External Balance
Employment and Unemploymenty
Wages and Productivity
BACKGROUND INFORMATION
HOW TO COMPARE PRODUCTIVITY AND WAGES STATISTICS?
III INFLATION
CPI and Other Price Indices
Changes in the Real Exchange Rate of the Estonian Kroon
IV MONETARY ENVIRONMENT
Liquidity Situation and Interest Rates
Capital Flows
Monetary and Loan Aggregates
V. FINANCIAL STABILITY
Financial Behaviour of the Real Sector
Corporations
Financing
Loan Servicing Ability
Households
Financial Assets and Liabilities
Loan Servicing Ability
Structural Development of the Financial Sector
Profitability and Risks of the Banking Sector
Versatility and Quality of the Loan Portfolio
Capital Adequacy
Efficiency and Profitability
Liquidity Risk
Securities Market
Stock Market
Bond Market
Other Financial Intermediaries
Investment Funds
Insurance
Payment and Settlement System
Interbank Settlement System
Payments