Course on Financial Programming

Content

The main topics discussed in the course are as follows: I. Statistical (IMF manuals, latest versions) and economic concepts, the identities and temporary budget constraint of the real, monetary, fiscal and external sectors, as well as the interrelationships between sectors and the flow of funds matrix. II. The projection of macroeconomic variables; the Inter temporary budget constraint and the fiscal and external sustainability. III. Internal and external balance, the consequences of permanent imbalances and the need for measures to achieve both balances in an orderly manner. IV. Nominal and real exchange rates (bilateral and effective) and "misalignment." V. Assessing bank vulnerability based on financial soundness indicators and stress tests. VI. The different stages of the FP, such as: i) the diagnosis, including the analysis of recent data and events and the results of projecting a baseline scenario; ii) the program scenario that considers the design and quantification of policy measures; their scope and speed of implementation of the measures; quantitative goals and objectives; as well as the role of external financing in economic adjustment programs.