Course on Balance Sheet Approach

This joint event by CEMLA and the International Monetary Fund (IMF) took place from April 20 to 24, 2026, at CEMLA's facilities in Mexico City, with instructors from the IMF's Statistics Department. The course analyzed the Balance Sheet Approach (BSA) matrix, developed by the IMF's Statistics Department, which combines the balance sheets of the major sectors of the economy—the financial sector, central government, non-financial corporations and households, and the external sector—into a single matrix to generate a sectoral distribution of assets and liabilities in a "who-to-whom" format.

The main objective of the course was to develop a BSA matrix using monetary, public, and external sector data for each participating country. The analysis and summary of the source data used to prepare the BSA matrix reveal significant information gaps for the country under analysis. In these cases, the implementation of work plans was suggested to address these gaps in the medium term, in order to provide the authorities with an analytically useful BSA matrix. The information from this matrix was subsequently used to detect imbalances in balance sheets, exposures and risks of shocks such as sudden capital outflows or a sharp exchange rate depreciation.

The event began with a brief introduction to the BSA, specifically the definition and meaning of a balance sheet, its structure, and the data sources necessary for its preparation. The course continued with a presentation on the consistency of macroeconomic statistics with respect to institutional units and sectors, financial instruments, and the accounting framework.

The program continued with presentations on general aspects of monetary and financial statistics, including their components and data presentation formats as inputs for the BSA.

The integration of external sector statistics into the balance sheet was then addressed, specifically the integration of the international investment position of the rest of the world into the balance sheet matrix. Subsequently, public finance statistics were analyzed, including their coverage and sectoral breakdown. The possible causes of discrepancies in the data were discussed.

Subsequent presentations focused on the integration of monetary and financial statistics, the international investment position, and public finance statistics into the balance sheet, specifically for the government, the central bank, other depository institutions, other financial institutions, non-financial institutions, households, and external sectors.

Throughout the program, case studies were conducted, and participants completed exercises using data collected from their respective countries.

The course was attended by 24 participants from nine Latin American and Caribbean countries, in addition to the speakers.