Estonian Economy and Monetary Policy 9/2004

Monetary Developments & Policy Survey. September 2004

CONTENTS

I ECONOMIC POLICY SURVEY
ESTONIA
Monetary Policy Environment
Financial Sector
Inflation
Non-Financial Sector
General Government
Outlooks
BACKGROUND INFORMATION
ADJUSTMENT OF TIME-SERIES OF GDP
II ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
General Background
United States of America
Japan
Euro Area
Nordic Countries
Central and Eastern European Countries
Russia
International Financial and Commodity Markets
ESTONIAN ECONOMY
Internal Demand
Investments
Private Consumption
General Government
Domestic Supply
Industrial Development
Services and Other Sectors
Employment
External balance
BACKGROUND INFORMATION
ONE-OFF IMPACT OF EU ACCESSION ON PRICES OF CERTAIN GOODS AND THEIR IMPORTS
III INFLATION
Consumer Price index
Labour Costs
Real Exchange Rate of the Kroon
BACKGROUND INFORMATION
HOW PRECISELY CAN THE INFLATION RATE BE PREDICTED IN THE FOLLOWING YEARS?
FUEL PRICES AND THEIR IMPACT ON THE CONSUMER PRICE INDEX
IV MONETARY ENVIRONMENT
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