Estonian Economy and Monetary Policy 9/2003

Monetary Developments & Policy Survey. September 2003

CONTENT

I. ECONOMIC POLICY SURVEY
ESTONIA
Financial Sector
Real Economy
Inflation
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
Economic Growth
Domestic Demand
Private Consumption and Investments
Public Sector
External Balance
Domestic Supply
Industrial Sales and Exports
Labour Market and Productivity
BACKGROUND INFORMATION
IMPACT OF RAISING THE MINIMUM WAGE OF ESTONIAN LABOUR MARKET
THE ROLE OF AUTOMATIC FISCAL STABILISERS IN ESTONIA AND OUR FISCAL POSITION
III INFLATION
Consumer Price Index
Changes in the Real Exchange Rate of the Kroon
BACKGROUND INFORMATION
IS THE LEVEL OF INFLATION TOO LOW?
IV MONETARY ENVIRONMENT
Liquidity Situation 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