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International Monetary Fund
This Selected Issues paper on the Republic of Estonia underlies gross and net international investment positions. Capital gains have been exceptionally beneficial to Malta’s external position, but have significantly worsened Estonia’s NIIP, and to a lesser degree, positions in Hungary and Slovenia. In examining the economic and institutional composition of gross international investment positions, the differences between those in Cyprus and Malta, and in the other new member states is stark. Greater financial integration is associated with greater economic openness, but the influence of levels of economic development is mixed.
Mr. Paul R Masson
The more advanced Central and Eastern European Countries (CEECs) face an evolving set of considerations in choosing their exchange rate policies. On the one hand, capital mobility is increasing, and this imposes additional constraints on fixed exchange rate regimes, while trend real appreciation makes the combination of low inflation and exchange rate stability problematic. On the other hand, the objectives of EU and eventual EMU membership make attractive a peg to the euro at some stage in the transition. The paper discusses these conflicting considerations, and considers the feasibility of an alternative monetary framework, inflation targeting.
International Monetary Fund
This Selected Issues paper examines developments in Estonia’s expanding net external obligations, as well as in domestic income flows and balance sheets. The paper discusses external current account and net international investment positions. Domestic investment and saving and balance sheet developments for the domestic sectors are covered. The paper makes use of the IMF’s new Global Econometric Model to investigate and quantify the role of market flexibility in Estonia. It also compares the results of simulations made under different assumptions about labor market and goods market flexibility.
Bandid Nijathaworn

States and Japan. There is, however, a trade-off between volatility and level. While the aggregate EU data on GDP growth from 1986 to 1995 has been approximately equal to that of the United States and Japan, EU inflation and interest rates have been higher than those in either the United States or Japan. Against this background, the main uncertainty in moving to a single monetary policy is that there is no guarantee that the stability of the money demand function would continue after EMU. If the relationship was more unstable, the gains in macroeconomic stability