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Republic of Estonia: Staff Report for the 2009 Article IV Consultation

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2010. "Republic of Estonia: Staff Report for the 2009 Article IV Consultation," IMF Staff Country Reports 2010/004, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2010/004
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    1. Carlos Caceres & Marcos Poplawski-Ribeiro & Darlena Tartari, 2013. "Inflation Dynamics in the CEMAC Region," Journal of African Economies, Centre for the Study of African Economies, vol. 22(2), pages 239-275, March.
    2. Wee Chian Koh & Shu Yu, 2021. "A Decade After the 2009 Global Recession: Macroeconomic Developments," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 12(02), pages 1-24, June.
    3. Barry Eichengreen, 2012. "Regional Financial Arrangements and the International Monetary Fund," Finance Working Papers 23354, East Asian Bureau of Economic Research.
    4. Isabella Weber & Anwar Shaikh, 2021. "The U.S.–China trade imbalance and the theory of free trade: debunking the currency manipulation argument," International Review of Applied Economics, Taylor & Francis Journals, vol. 35(3-4), pages 432-455, July.
    5. Ms. Elif C Arbatli Saxegaard & Mr. Kenji Moriyama, 2011. "Estimating a Small Open-Economy Model for Egypt: Spillovers, Inflation Dynamics, and Implications for Monetary Policy," IMF Working Papers 2011/108, International Monetary Fund.
    6. Neven Mates, 2011. "Fiscal Policy: Lessons from the Global Crisis," Croatian Economic Survey, The Institute of Economics, Zagreb, vol. 13(1), pages 5-56, April.
    7. Yin-Wong Cheung, 2012. "Exchange Rate Misalignment - The Case of the Chinese Renminbi," CESifo Working Paper Series 3797, CESifo.
    8. Ms. Svetlana Cerovic & Jose Saboin, 2016. "Dominican Republic: Sectoral Financial Positions and Macroeconomic Vulnerabilities," IMF Working Papers 2016/208, International Monetary Fund.
    9. Karsten Staehr, 2010. "The global financial crisis and public finances in the New EU Countries from Central and Eastern Europe," Bank of Estonia Working Papers wp2010-02, Bank of Estonia, revised 04 Feb 2010.
    10. Willem THORBECKE, 2010. "The Appropriate Policy Mix for China," Policy Discussion Papers 10002, Research Institute of Economy, Trade and Industry (RIETI).
    11. Baum, Christopher F. & Kurov, Alexander & Wolfe, Marketa Halova, 2015. "What do Chinese macro announcements tell us about the world economy?," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 100-122.
    12. Abdel-Baki Monal A., 2012. "Coalitions within the Egyptian Banking Sector: Catalysts of the Popular Revolution," Business and Politics, De Gruyter, vol. 14(1), pages 1-26, April.
    13. International Monetary Fund, 2013. "Republic of Lithuania: Selected Issues," IMF Staff Country Reports 2013/082, International Monetary Fund.
    14. Lücke, Matthias, 2010. "Stabilization and savings funds to manage natural resource revenues: Kazakhstan and Azerbaijan vs. Norway," Kiel Working Papers 1652, Kiel Institute for the World Economy (IfW Kiel).
    15. Mr. Driton Qehaja, 2012. "Fiscal Policy Response to External Crises the Case of Moldova 1998-2010," IMF Working Papers 2012/082, International Monetary Fund.
    16. International Monetary Fund, 2016. "Republic of Croatia: Selected Issues," IMF Staff Country Reports 2016/188, International Monetary Fund.
    17. Hafez Ghanem, 2014. "Governance Reform to Achieve Social Justice and Inclusive Growth in Egypt: Building Inclusive Economic Institutions," Working Papers 873, Economic Research Forum, revised Nov 2014.
    18. Mr. Nathan Porter & Mr. Nuno Cassola, 2011. "Understanding Chinese Bond Yields and their Role in Monetary Policy," IMF Working Papers 2011/225, International Monetary Fund.
    19. Ahmed Taneem Muzaffar & Anis Chowdhury, 2014. "The IMF and the policy of low inflation: A review of Article IV consultations for selected Asian developing countries," The Economic and Labour Relations Review, , vol. 25(3), pages 435-454, September.
    20. Ruben Atoyan, 2010. "Beyond the crisis: revisiting emerging Europe’s growth model," Financial Theory and Practice, Institute of Public Finance, vol. 34(4), pages 329-356.
    21. Francesco Spadafora & Mr. Emidio Cocozza & Mr. Andrea Colabella, 2011. "The Impact of the Global Crisison South-Eastern Europe," IMF Working Papers 2011/300, International Monetary Fund.

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