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Republic of Estonia: Staff Report for the 2009 Article IV Consultation
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2010: Issue 004
Language:
English
Publication Date:
08 Jan 2010
DOI:
https://doi.org/10.5089/9781451812589.002
ISBN:
9781451812589
ISSN:
1934-7685
Pages:
56
Keywords:
ISCR; CR; debt; BoE balance-sheet data; Estonia; quarter; inflation rate; value; staff appraisal; interbank interest rate differential; statement report; Maastricht reference value; C. government finance statistics; Income; Fiscal stance; Financial derivatives; Global; Baltics
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This 2009 Article IV Consultation highlights that the credit-fueled boom has resulted in a relatively large nonfinancial private sector debt stock in Estonia. With declining incomes, unemployment increasing sharply, and asset prices depressed, balance sheets of households and firms are under strain, weighing on domestic demand. Nonperforming loans have increased to more than 6 percent of total, and some banks are reporting losses. Executive Directors have supported the authorities’ aim toward speedy adoption of the euro, noting its effects in fostering stability and confidence.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund