Republic of Estonia: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 419

Publication date: November 2006

ISBN: 9781451812510

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Topics covered in this book

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Banks and Banking , Labor , Money and Monetary Policy , ISCR , CR , private sector , Estonia , nonbank , nonbank private sector , currency board arrangement , foreign currency , asset position , net foreign exchange liability position , macroeconomic stability , Currencies , Nonbank financial institutions , Financial statements , Exports , Foreign currency exposure , Baltics , Central and Eastern Europe , Eastern Europe

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Summary

This paper assesses Estonia’s flexibility from two angles. The paper focuses on one aspect of that performance—the ability to sustain competitiveness. Then, a more forward-looking angle is the flexibility of Estonia’s labor and product markets. Estonia has made great progress in achieving real convergence in the last decade. Current account deficits are integral to convergence. A key question raised by this analysis is whether the large external imbalances and the counterpart buildup in external obligations will be smoothly reversed.