Front Matter

Front Matter

Niamh Sheridan, Alfred Schipke, Susan George, and Christian Beddies
Published Date:
January 2004
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© 2004 International Monetary Fund

Production: IMF Multimedia Services Division

Figures: Sanaa Elaroussi

Typesetting: Alicia Etchebarne-Bourdin

Cataloging-in-Publication Data

Capital markets and financial intermediation in the Baltics/Alfred Schipke . . . [et al]—Washington, D.C.: International Monetary Fund, 2004

p. cm.—(Occasional paper/International Monetary Fund; 228)

Includes bibliographical references.

ISBN 1-58906-272-8

1. Capital market—Baltic states. 2. Intermediation (Finance)—Baltic states. 3. Banks and banking, Foreign—Baltic states. 4. European Union—Membership—Baltic states. I. Schipke, Alfred, 1959- II. Series: Occasional paper (International Monetary Fund); no. 228

HG5589.6.A3C35 2004

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The following symbols have been used throughout this paper:

  • . . . to indicate that data are not available;
  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
  • – between years or months (e.g., 2001–02 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (e.g., 2001/02) to indicate a fiscal (financial) year.

“n.a.” means not applicable.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


This Occasional Paper is based on a staff background paper for the 2003 Article IV consultations between the International Monetary Fund and the Republic of Estonia, the Republic of Latvia, and the Republic of Lithuania. The paper describes the structure and size of the financial system in the Baltic countries and addresses some of the issues that small open economies are faced with as they seek to improve and develop their financial system and deal with regional integration.

The paper is the result of a team effort. It was prepared by a staff team led by Alfred Schipke and composed of Christian Beddies, Susan M. George, and Niamh Sheridan, and received valuable guidance from Richard Haas. The paper profited from comments by Patricia Alonso-Gamo, Oleh Havrylyshyn, Donald J. Mathieson, and Johannes Mueller.

The authors would like to thank the authorities and the local IMF staff for their support; Haiyan Shi for excellent research support and her perseverance in compiling the data; Julie Burton, Alimata Kini, and Elisabeth Immers for their logistical support and their input in producing the manuscript; and Gail Berre of the External Relations Department, who edited the paper and coordinated production of the publication.

The views expressed in this paper are those of the authors and do not necessarily reflect the views of the national authorities, the IMF, or the IMF’s Executive Directors.

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