IMF Report on Training 1998 –1999 International Monetary Fund TABLE OF CONTENTS Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Horst Köhler, Managing Director, IMF IMF Institute Meeting New Challenges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Training Activities: 1998–99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Headquarters Training Overseas Training Collaboration with Other Fund Departments Cofinancing Distance Learning Internal Economics Training Other Activities Regional Training Institutes and Programs IMF-Singapore Regional Training Institute Joint Africa Institute . . . . . . . . . . . . . . . . . Joint Vienna Institute . . . . . . . . . . . . . . . . IMF–AMF Regional Training Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 .24 .25 .26 Fiscal Affairs Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 Monetary and Exchange Affairs Department . . . . . . . . . . . . . . . . . . . . . .29 Statistics Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 Legal Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 External Affairs Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 Figures 1. 2. 3. 4. 5. IMF Training at Headquarters and Overseas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 IMF Institute Training by Agency Type and Region, 1998–99 . . . . . . . . . . . . . . . . . . . .9 Internal Training for Fund Economists, 1996–99 . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 Fund Training at the IMF-Singapore Regional Training Institute, 1998–99 . . . . . . . . . .22 IMF Training at the Joint Vienna Institute, 1996–99 . . . . . . . . . . . . . . . . . . . . . . . . .26 Appendixes: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36–46 IMF Institute Courses and Seminars at Headquarters IMF Institute Overseas Training IMF Training at Regional Training Centers and Programs Fiscal Affairs Department Overseas Training Monetary and Exchange Affairs Department Overseas Training Statistics Department Overseas Training External Relations Overseas Training Internal Economics Training for Fund Staff, 1998–99 Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47 FOREWORD I am very pleased to present the fourth biennial Report on Training—1998–99 by the IMF Institute and other specialized departments of the Fund—Fiscal Affairs, Monetary and Exchange Affairs, Statistics, Legal, and External Relations. The report looks back on the training activities of the Fund during the two eventful years that closed the last century. It describes a significantly expanded and restructured training program, reflecting the rising demand for training from member countries and the new issues raised by the rapid changes in the global economy. The IMF Institute spearheaded the changes in training with a new strategy that it introduced in 1997 and implemented largely in 1998–99. During this period, the Institute, in collaboration with multilateral and bilateral partners, launched three new training centers and programs—the IMFSingapore Regional Training Institute, the Joint Africa Institute, and the IMF-Arab Monetary Fund Regional Training Program. In the short time they have been in operation, the centers have accounted for one-fourth of the IMF Institute’s overseas training. They are an important addition to the Joint Vienna Institute, which has been serving the training needs of officials from the transition countries of Europe and the former Soviet Union since 1992. To further expand Fund training, the IMF Institute developed a distance learning program, launching the first course in January 2000, and introduced several new courses, especially in the financial sector, to address the new issues raised by the economic slowdown of 1997–99. And to help Fund staff stay abreast of emerging issues, the internal economics training program was strengthened significantly. In addition to the IMF Institute, the Fiscal Affairs, Monetary and Exchange Affairs, Statistics, Legal, and External Relations departments have significant training programs, which they conduct at headquarters and overseas in collaboration with the IMF Institute. All of them have adapted and enhanced their courses over the report period to include some of the lessons learned from the recent financial crisis. Their courses have incorporated not only the latest developments in the statistical and monetary instruments needed for sound economic policymaking, but also the latest research in the institutional frameworks that underpin such policies, including the regulatory and legal frameworks for financial sector soundness and transparency in policymaking. While the Fund’s training program in 1998–99 has been ambitious, its success depended greatly on the generous support and cooperation of our partners, including the governments of Austria, Australia, France, Japan, and Singapore, as well as the organizations that worked with us in building the regional training centers and programs. As this report shows, we are strongly committed to continue providing high-quality training to the Fund’s member countries. Many of the steps taken to reinforce our training programs will further enhance our efforts to improve the capacity of our member countries in formulating and implementing sound macroeconomic policies and structural reforms and in building strong financial sectors. Horst Köhler Managing Director International Monetary Fund September 2000 INTERNATIONAL MONETARY FUND REPORT ON TRAINING 3 IMF INSTITUTE MEETING NEW CHALLENGES This fourth biennial Report on Training covers the years 1998 and 1999. The period began with the spread of financial turmoil from East Asia to Russia and Brazil, threatening a global recession. It ended with a remarkable turnaround that saw economic growth return to most of the crisis countries. The 20th century thus ended with a more positive outlook for the global economy. But the debates unleashed by the economic slowdown—on the opportunities offered by globalization and its challenges—continue. It is against this backdrop of global financial turmoil that the IMF Institute shaped and conducted much of its activities in 1998–99. During this period, the overall demand for IMF training rose sharply, and with it the need for training on more varied and emerging issues. At the same time, the problems that arose in the context of the recent financial crises put added pressure on IMF staff to stay abreast of economic developments, making internal training for Fund economists more important than ever. This report describes how the IMF Institute, supported by other Fund departments, responded to these challenges in 1998–99. It highlights the fundamental restructuring of the curriculum over this period, the substantial increase in training provided to government officials, the laying of a cost-effective foundation for the future growth of training through the development of a network of regional training centers and programs, the establishment of a distance learning program, and the substantial growth in the Institute’s training program for Fund economists. INTERNATIONAL MONETARY FUND REPORT ON TRAINING 5 T o make its program more responsive to the current and evolving needs of member countries, the Institute restructured its curriculum along three lines. First, it strengthened the content of existing courses by placing greater emphasis on topical issues in its core courses. Topics such as currency crisis, banking soundness, indicators of financial and external sector crises, the HIPC Initiative for debt relief to low-income countries, and governance and transparency are among those now covered in these courses. Second, it completed the reorientation of the curriculum from one that had been geared primarily to junior and mid-level officials to a three-tier system that included more courses for senior officials. To this end, it introduced a number of new courses on financial sector issues, as well as some on specialized topics in macroeconomic policy. It also organized three highlevel seminars on issues of transition, capital flows and financial crises, and second generation reforms. Third, the Institute strengthened links with universities to enhance course offerings and stimulate research. It brought leading academics to the Institute as guest lecturers and inaugurated a visiting scholars program. During 1998–99, an average of 56 outside scholars a year lectured at the Institute, compared with 28 in 1996–97. Reflecting the increased emphasis on research, Institute staff produced 32 working papers during the report period, a considerable increase over the 8 produced in 1996–97. Between 1997 and 1999, the number of participants trained by the IMF Institute at headquarters and overseas grew from 1,912 to 2,685. Yet its resources and facilities at headquarters had already reached near capacity. So in 1997, the Institute turned to establishing a network of overseas regional training centers and programs in collaboration with partners. The strategy offered several benefits: it maximized the delivery of training while reducing the strain on Institute resources, it helped build the regional and national training capacities of member countries, and it strengthened partnerships. The shift to overseas training followed the success of the Joint Vienna Institute, which was established in 1992 by the IMF and other partners for officials of transition countries. In 1998–99 the Institute made major strides in implementing this strategy. In May 1998, together with the Government of Singapore, the Institute established the IMF-Singapore Regional Training Institute. In May 1999, the Regional Training Program opened in Abu Dhabi, in collaboration with the Arab Monetary Fund, and in November 1999, the Joint Africa Institute became operational in Côte d’Ivoire, a joint venture with the African Development Bank and the World Bank. A joint IMF-China Training Program for Chinese officials was launched in June 2000 in collaboration with the People’s Bank of China, and more regional training centers are under consideration. The training capacity of the Institute is also being extended through a distance learning program. Taking advantage of the communications potential of the Internet, this program will allow the Institute to reach more participants in more countries at significantly reduced cost. The first course—Financial Programming and Policies—was designed during the report period and launched in January 2000. It combines distance learning with a short residential component held in Washington. For IMF economists to remain at the forefront of their profession—and to be well equipped to understand and respond to the changing global economy— they need to stay abreast of debates in the profession and new analytical tools. To this end, the Institute redesigned and expanded the IMF’s internal economics training program beginning in 1996. Previously, internal training had focused largely on introductory courses for new staff. With the new program, training was expanded to include advanced courses and seminars for all Fund economists, and leading scholars were invited from universities and research institutions worldwide to conduct many of them. As a result, internal economics training for IMF economists has increased from an average of 1.2 days in 1996 to 2.5 days in 1999. Finally, the Institute significantly strengthened its use of technology to enhance both courses and administrative processes. It developed courses on CDROMs, created websites for the dissemination of seminar papers, constructed a state-of-the-art lecture room at headquarters, made applications available online, and created a centralized database for the administration of courses. A redesign of the Institute’s site on the World Wide Web is planned for later in 2000. For an organization committed to training, change and renewal are fundamental and continuous. During 1996–97, the focus was on shaping a new strategy for a rapidly changing global economic environment. Since then, the Institute has taken important steps in implementing this strategy, as the activities of 1998–99 show. In the period ahead, it will strive to take advantage of opportunities for innovation, both to enhance the effectiveness of its existing programs and to meet the new challenges that will inevitably be posed by a changing global economy. 6 INTERNATIONAL MONETARY FUND REPORT ON TRAINING IMF INSTITUTE TRAINING ACTIVITIES: 1998–99 T he IMF Institute was established in 1964 to provide training in macroeconomic analysis and policies to officials of member countries. Since then, it has trained more than 13,000 officials in Washington and about 8,000 overseas, representing most of the Fund’s member countries. Other departments of the Fund, such as Fiscal Affairs, Monetary and Exchange Affairs, Statistics, Legal, and External Affairs, also contribute to this effort. In 1996, the Institute was given responsibility for managing the internal economics training program for Fund staff. Demand for training has always been high. But in recent years, it has increased sharply, far exceeding the Institute’s capacity at headquarters. With the issues of globalization the need for training on emerging issues has also increased. To meet the challenge, the Institute itself has had to change, with a strategy focused on transforming the curriculum, expanding overseas training, introducing distance learning, and strengthening internal training for Fund economists. Although the strategy took shape in 1997, many of the changes started in 1998–99, marking the two years as a period of renewal and achievement for the Institute’s training program. During this period, the Institute trained 5,220 participants, amounting to 14,582 participant weeks of training. (See Figures 1 and 2.) This shows an increase of almost 16 percent in the number of participants over the previous two years. Of the total number of participants, 3,852 were trained overseas, compared with 1,368 at headquarters. Moreover, for the first time, one-fourth of all overseas training occurred through the three regional training centers and programs started in 1998–99: the IMF-Singapore Regional Training Center, the Joint Africa Institute, and the IMF-AMF Regional Training Program. Along with the creation of regional training centers, the Institute designed and developed its first distance learning course, with 50 participants scheduled to take the course in January 2000. The newly expanded internal training program for Fund economists also showed impressive results. In 1998–99, the Institute offered 113 courses and seminars, representing a doubling over the 1996–97 period. INTERNATIONAL MONETARY FUND REPORT ON TRAINING 7 Figure 1. IMF Training at Headquarters and Overseas Headquarters Training Restructuring the curriculum 2500 2000 1500 1000 674 Number of Participants HQ Overseas 1,788 1.449 1.686 2,166 601 650 718 500 0 1996 1997 1998 1999 80 70 60 50 40 30 20 10 0 20 60 Number of Training Activities HQ Overseas 56 49 72 18 18 21 1996 1997 1998 1999 4,250 4,000 3,750 3,500 3,250 3,000 2,750 2,500 1997 Overseas HQ Participant Weeks 1998 1999 The training program at headquarters comprises intermediate and advanced courses on macroeconomic and financial policies and short specialized courses for more experienced officials. These are given in four languages: Arabic, English, French, and Spanish. In 1998, the Institute began implementing a restructured curriculum that had three components. First, it adopted a new set of core courses that were shorter (8 weeks instead of 10) and more carefully tailored to the level of participants: Macroeconomic Management and Policies (MMP), targeted for junior officials, and Financial Programming and Policies (FPP), aimed at more experienced officials. These courses (which are also offered for two weeks overseas) cover a broad range of macroeconomic issues, familiarize participants with economic forecasting techniques, and include hands-on workshops that guide participants in formulating macroeconomic adjustment programs. The Institute also eliminated two courses— External Sector Policies and Techniques of Financial Analysis and Programming—helping to make room for a series of one- to two-week specialized courses aimed specifically at more senior officials. These courses bridged the gap between the eight-week headquarters courses for junior and mid-level officials and the two-day seminars for senior officials. Thereby, they helped to strengthen a weak link in the curriculum: addressing the specific needs of busy senior officials, who typically have little time for lengthy training assignments abroad but whose need for timely information on emerging economic issues is always urgent. At the same time, globalization and the Mexico and Asian crises had pushed financial sector issues to the forefront of the economic debate. In response, the Institute moved quickly to design new courses to address the growing demand for training on these issues. Accordingly, over the 1998–99 period, the Institute introduced a number of new specialized courses. Of these, several, introduced in 1998, examined current macroeconomic issues, and the others, introduced in 1999, focused on the financial sector. • Advanced Financial Programming and Policies is designed for participants who already have a 8 INTERNATIONAL MONETARY FUND REPORT ON TRAINING good grasp of the principles taught in the Institute’s standard FPP course. The course covers the current macroeconomic issues, reviews recent initiatives in Fund policies and practices, and provides country case studies to highlight the policy issues and trade-offs in program design. • Monetary and Inflation Targeting covers the analytic and operational aspects of inflation targeting based on specific country experiences and the scope for inflation targeting in developing countries. • Exchange Rate Policies focuses on the role of the exchange rate in macroeconomic adjustment, the choice of an exchange rate regime, and the causes of exchange rate crises. • Financial Markets and Their Linkages deals with the functions, structures, and regulation of financial markets, highlighting the role of a well-functioning financial system in fostering economic growth. • New Financial Instruments covers the development of derivative markets, the nature and pricing of derivative instruments, the use of these instruments for risk management, and the public policy issues they raise. • Financial Sector Reforms draws on specific country experiences to examine the motivation for and the effects of financial sector development and reform. It also covers alternative approaches to the management of the reform process. • Macroeconomic Adjustment and Financial Sector Issues combines the policy components of the traditional FPP courses with issues in financial sector reforms. • Macroeconomic Impact of the Budget focuses on the fiscal sector of the economy, including its links with other macroeconomic sectors. Second, the Institute revised its standard courses to include lectures on a range of new initiatives affecting the Fund’s work: for example, the Supplemental Resource Facility, the HIPC Initiative for Debt Relief to Low-Income Countries, governance and transparency, and the new architecture of the international financial system. Along with revising the courses, the Institute completed a set of 28 lecture summaries on new advancements in economic analysis, estimation techniques, and policies to incorporate in the teaching material. Figure 2. IMF Institute Training by Agency Type and Region, 1998–99 Regional Institutions 3% Planning 3% Participation by Agency Type at Headquarters Other 13% Central Banks 55% Ministry of Finance 26% Planning 2% Regional Institutions 0.3% Participation by Agency Type Overseas Other 23% Central Banks 51% Ministry of Finance 24% Participation by Region at Headquarters Western Hem. 18% Africa 23% Middle East 18% Asia & Pacific 19% Europe* 22% Participation by Region Overseas Western Hem. 6% Middle East 11% Africa 12% Asia & Pacific 31% Europe* 40% *Includes the Baltics, Russia, and other former Soviet Union countries. INTERNATIONAL MONETARY FUND REPORT ON TRAINING 9 The research activities of the department were helped by the introduction of a visiting lecturers program in 1998. During 1998–99, 15 academics from major universities worldwide visited the department for periods ranging from two weeks to a year to teach and to participate in research projects with Institute economists. To complement the visiting lecturers program, in mid-1999, the Institute began a seminar series featuring research by Institute staff, as well as by outside academics, World Bank staff, and staff from other Fund departments. In 1999, 14 such seminars were held at the Institute. High-level seminars Each year, the Institute organizes several high-level seminars and conferences on topics of current interest to which senior officials and academics are invited. In 1998–99, the Institute held three highlevel seminars at headquarters: A Decade of Transition: Achievements and Challenges, sponsored with the European I and II Departments; Capital Flows: Financial Crisis and Policies, organized with the World Bank and the World Trade Organization; and Second Generation Reforms, in collaboration with the Fiscal Affairs Department (see Box 1 for a description of the three conferences). Finally, to enhance the quality of the training offered, the Institute brought leading scholars to lecture on a range of specialized topics. Thus, many courses at headquarters were taught by both Fund staff and outside scholars. In this way, participants benefited from lecturers who were the most informed in theory, current research, and Fund operations, and in the process were exposed to wider perspectives that combined to deepen their understanding of the topics. At the same time, the Institute made significant progress in implementing two initiatives begun in 1997: making research an integral part of Institute work and establishing a visiting lecturers program. These are described below. Research and visiting lecturers program The Institute believes that the quality of teaching is directly related to the quality of its staff—hence the Institute’s increased emphasis on research. Institute contributions to the IMF Working Paper and Policy Discussion Paper series rose from 7 in 1997 to 14 in 1998 and 18 in 1999. Research papers covered such areas as reform and growth in Africa, the success of Fund programs, the inflation-growth nexus, inflation targeting, and the management of large international capital flows. The recent Report of the External Evaluation Committee highlighted the change in the research focus of the Institute, confirming that research in the department had helped to improve the quality of teaching and thus of the Fund’s technical assistance operations. Overseas Training Expanding overseas training through partnerships An important dimension of the Institute’s strategy has been to expand overseas training through the establishment of a network of regional training centers and programs in collaboration with partners. The objectives have been (1) to meet rising demand for Institute training, (2) to achieve greater balance in the availability of training across regions, (3) to strengthen regional training capacity, and (4) to increase efficiency and cost sharing. This strategy followed the success of the Joint Vienna Institute (JVI), which had been in operation since 1992. Accordingly, between 1998 and 1999, the Institute launched three new regional centers and took the first steps in developing a fourth. (See pages 22–26 for more detailed report on each of these centers). • The IMF-Singapore Regional Training Institute (STI), cosponsored with the 10 INTERNATIONAL MONETARY FUND REPORT ON TRAINING BOX 1: High-level Seminars at Headquarters In 1998–99, the Institute, together with other Fund departments, organized three high-level seminars in Washington. A brief description of each follows: A Decade of Transition: Achievements and Challenges Ten years had passed since countries in Eastern Europe and in the former Soviet Union had begun their transition to a market economy. To take stock of the experience, the Institute, jointly with the European I and II departments, organized on February 1–3, 1999 a conference to discuss the achievements of transition to date and the challenges that lie ahead. The gathering brought together some of the leading authorities on transition economics, as well as senior officials from nearly all transition countries. The focus was on such issues as disinflation, growth, public enterprise reform, governance, capital flows, banking sector reform, the underground economy, and income inequality. The consensus of the conference was that transition has made considerable progress, often with enormous obstacles along the way, but important challenges remain, notably in establishing sound institutions and incentive structures. Capital Flows: Financial Crisis and Policies The financial crisis that erupted in Asia in 1997 and spilled over to other countries in 1998 focused attention on the volatility of capital flows. What caused the massive surge in capital flows to the emerging markets during the 1990s? What were the benefits and problems created by these flows? And how can the volatility of capital flows be curbed? The IMF Institute, together with the World Bank and the World Trade Organization, organized a conference on April 15–16, 1999 at the World Bank to address these issues. The seminar brought together experts from the universities and senior officials from the Fund’s member countries. Participants discussed such issues as early-warning systems for financial crises, the theoretical and empirical bases of contagion in global markets, and case studies of successful capital controls. Conference papers were posted on the World Bank’s research website. Second Generation Reforms Transparency in government and financial activities; good governance; sound legal, regulatory, and supervisory frameworks; and fiscal policy sensitive to the social and economic needs of its citizens are all elements of “second generation reforms.” They are increasingly considered to be crucial for the continuation of sound macroeconomic policies and quality growth. But many questions about them remain. To examine the issues, the IMF Institute and the Fiscal Affairs Department held a high-level seminar on November 8–9, 1999 in which representatives from universities, governments, the private sector, and multilateral institutions participated. Discussions focused on questions such as: What types of reforms do countries need to establish the right institutions for a market economy; improve the quality of the administrative, legal, and regulatory functions of the state; address the incentives that trigger action in both the private and public sectors; and develop the institutional capacity for implementing reforms? For the first time, the Institute also created a special conference website containing all the papers and issued a CD-ROM of the papers, which was distributed to all participants on the day of the conference. INTERNATIONAL MONETARY FUND REPORT ON TRAINING 11 Government of Singapore, opened in May 1998. By December 1999 it had conducted 26 courses for 758 officials. • The Joint Africa Institute (JAI) in Abidjan, Côte d’Ivoire—a collaboration with the World Bank and the African Development Bank—began operating in November 1999 and conducted two courses for 55 officials that year. • The Regional Training Program (RTP) was launched in collaboration with the Arab Monetary Fund (AMF) in May 1999 in Abu Dhabi, United Arab Emirates. It offered four courses to 143 officials from AMF member countries that year. • The Joint China-IMF Training Program, sponsored with the People’s Bank of China, is planned for training of Chinese officials. Work on the program began in 1999, with the first course launched in June 2000. Although the three training centers were in operation for only a part of the report period, they made notable contributions to the IMF’s training effort. First, the Institute conducted 30 courses through these centers—one-fourth of all overseas training in 1998–99—for 915 officials. Second, the centers showed international collaboration at its best: different government and multilateral institutions coming together to bring the best that each has to offer to build strong economic training institutions in the regions. Third, the centers helped spread out the amount of training offered across regions, shifting the focus from Europe, the area of concentration in the 1990s, to the capacity needs of Africa, Asia, and the Middle East, the regions with the greatest current needs. Finally, through partnership agreements that included cost sharing, they helped expand training while containing costs. Strengthening longstanding partnerships In addition to the courses conducted through the regional training centers described above, the Institute conducted another 50 courses overseas for 1,465 participants. Most of these had a regional rather than a national focus. In 1998–99, only a few national courses were offered, and most of those were conducted in large countries, for example, China, India, Russia, Ukraine, or in countries with special needs, such as the Islamic Republic of Iran and Vietnam. The objective of these overseas courses was not only to provide training but also to build capacity regionally. Accordingly, most of these courses were taught in collaboration with trainers of partner organizations. In addition, the Institute provided occasional lecturing assistance to its partners. (See Box 2.) Overseas high-level seminars The overseas high-level seminars typically focus on an issue of regional importance within the context of global economic developments. During the two years under review, the Institute organized several such seminars, all in collaboration with national or regional partners (see Box 3). One—an annual offering conducted with the Japan Center for International Finance (JCIF)—focused on macroeconomic management and the Japanese experience of The atrium of the IMF headquarters building in Washington. 12 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Box 2. Working with Regional Partners During 1998–99 the IMF Institute conducted many of its courses and seminars in partnership with regional training institutions. Some of these are partners of longstanding; others are relatively new. In Africa, the Institute provided lecturing assistance and conducted courses in financial programming and policies in French in collaboration with the training centers of the Central Bank of West African States (West African Training Center for Banking Studies—COFEB) in Dakar, Senegal, and the Bank of Central African States (BEAC) in Yaoundé, Cameroon. The courses were financed by the European Union, the United Nations Development Programme, and the Government of France. They involved participants from the two CFA franc zones and other countries of western and eastern Africa. In English-speaking Africa, the Institute collaborated with two new regional training centers: the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) and the West African Institute for Financial and Economic Management (WAIFEM). MEFMI is a regional institute with nine English- and Portuguese-speaking members that is headquartered in Harare, Zimbabwe. WAIFEM operates from Lagos, Nigeria. It serves the five English-speaking countries in West Africa. Two years earlier, in 1996 and 1997 respectively, the Institute had helped establish the two centers as part of its effort to enhance economics training capacity in Africa. In the Western Hemisphere, the Institute collaborated with the Center for Latin American Monetary Studies (CEMLA), providing lecturing assistance in courses organized by the center. Other countries in which the Institute conducted regional courses (all in Spanish) were Argentina, Brazil, Ecuador, and Honduras. In the Middle East and North Africa, the Institute offered lecturing assistance to the Economic Policy Institute (EPI) of the Arab Monetary Fund and conducted a joint regional course in Arabic in Lebanon. As in previous years, it also offered an annual seminar at the Institute of Public Administration of Saudi Arabia for officials from member countries of the Gulf Cooperation Council (GCC). In Asia, the Institute conducted regional courses in the Philippines, in collaboration with the Asian Development Bank; in Thailand, in cooperation with the Bank of Thailand; in Malaysia and Bangkok, jointly with the South-East Asian Central Banks Research and Training Center (SEACEN); and in Pakistan with the State Bank of Pakistan for officials from Bangladesh, Nepal, Pakistan, and Sri Lanka. It also offered lecturing assistance to SEACEN, and coordinated the lecturing assistance of other Fund departments to the organization. economic development. Another, offered in collaboration with the Bank of Mauritius, focused on structural adjustment in Sub-Saharan Africa. The third, offered at STI, focused on the issues of transition economies. The others, conducted in Madagascar and Thailand, examined preconditions for successful liberalization of capital accounts, as well as macroeconomic management and transition issues. Collaboration with Other Fund Departments As in previous years, the Institute continued its collaboration with other Fund departments in conducting specialized training at headquarters and overseas. At headquarters during 1998–99, these courses focused on a broad range of topics: public finance; monetary and exchange operations; balance of payments, government finance, INTERNATIONAL MONETARY FUND REPORT ON TRAINING 13 Box 3. Overseas High-level Seminars Issues of Transition At the height of the Asian crisis, the IMF Institute conducted two seminars for senior officials from transition countries. Macroeconomic Management and the Japanese Experience of Economic Development, a seminar conducted in collaboration with the Japan Center for International Finance (JCIF), took place in Tokyo in 1998 and 1999. And Macroeconomic Management and Transition Issues, with the Bank of Thailand, was held in Bangkok, in April of the same year. The seminars focused in particular on the policies that had created the Asian success stories and the factors that in 1997 caused the sudden reversals in their fortunes. For each seminar, the Institute drew on the particular expertise of its partners in conducting the sessions. Thus, while the IMF Institute lecturers discussed macroeconomic policy and reform, the JCIF lecturers reviewed Japan’s financial system, including its budgetary institutions and practices, and its political and administrative systems. In the Bangkok seminar, senior officials from the Ministry of Finance provided first-hand view of how seemingly appropriate economic policies can go wrong, providing valuable lessons on macroeconomic management. This collaborative approach not only and monetary statistics; and the legal issues of central banks. (See also Box 4.) The Fiscal Affairs Department offered a course, Public Finance, to mid-level officials in French in 1998 and in Spanish in 1999. The course covered the macroeconomic effects of fiscal policy and reviewed issues related to public sector expenditures, taxes, the preparation and execution of the budget, and the fiscal aspects of public enterprises. It ended with participants preparing a country strategy document. The Monetary and Exchange Affairs Department offered an annual course, Monetary and Exchange Operations, which sought to broaden participants’ understanding of central bank policies. It focused 14 enhanced the quality of the program but also fostered greater exchanges among participants. Orderly Approach to Capital Account Liberalization The role of capital flows in the Mexican and Asian crises has made liberalization of capital accounts a hotly debated issue and one that senior policymakers need to examine carefully. To provide a forum for a better understanding of the issues in a regional context, the IMF Institute focused two high-level seminars on the topic. The first, the inaugural seminar of the IMF-Singapore Regional Training Center (STI) attended by 30 senior officials, was held in May 1998. The seminar focused on the sequencing of reforms, the lessons of the Asian crisis in the approach to liberalization, the pros and cons of capital controls, and the role of the proposed amendment of the Fund’s Articles of Agreement on capital account issues. The second, with the French Ministry of Foreign Affairs, Cooperation and Francophone Affairs, was held in Madagascar in November 1998. Twentyseven senior officials from 14 Indian Ocean and African countries represented the full spectrum of the capital account experience—from complete liberalization on the formulation and implementation of monetary and exchange policies and on their structural and institutional underpinnings. The Statistics Department continued to offer four annual courses. Three of these—Balance of Payments, Government Finance Statistics, and Money and Banking Statistics—contained lectures, practical exercises, and case studies to illustrate the basic methods of compiling statistics according to the Fund’s manuals on these topics. The fourth— National Accounts Statistics—provided in-depth training on the 1993 System of National Accounts (SNA). It covered the concept and theory of national accounts, as well as the practical compilation issues and the implementation of the SNA. INTERNATIONAL MONETARY FUND REPORT ON TRAINING to heavily restricted. The seminar provided a lively forum for exchange of experiences on such issues as sequencing of the liberalization process, coordination with other domestic reforms, reducing the volatility of capital flows through greater transparency, frameworks for prudential supervision and regulation for sound banking system, and corruption. Focus on Africa The particular issues of Africa were the focus of three major overseas events organized by the IMF Institute in 1998–99. One, a high-level seminar on capital account liberalization in Madagascar, is described above. The second, Policies for Competitiveness in Manufacturing in SubSaharan Africa, was held in Johannesburg, South Africa in November 1998. It was hosted jointly by the IMF Institute, the Development Center of the Organization for Economic Cooperation and Development (OECD), and the African Economic Research Consortium (AERC). The conference noted that after years of crisis and stagnation, Africa was experiencing a much-improved economic outlook in the late 1990s. But for many countries in Africa, particularly those in sub-Saharan Africa (SSA), the recovery was already being threatened by the economic and political imbalances that remained. One of the important factors determining SSA’s future growth was its export base. And to expand it, SSA countries needed to strengthen their manufacturing. The conference addressed three main issues: (1) the role of exchange rate policy in supporting the competitiveness of the manufacturing sector, (2) the role of trade liberalization and other structural reforms in improving the efficiency and competitiveness of enterprises, and (3) the role of the institutional environment in promoting competitiveness. The papers presented at the conference are being published jointly by the three sponsoring organizations. The third event, a high-level seminar on Structural Adjustment in Sub-Saharan Africa was held in Mauritius in May 1999 in collaboration with the Bank of Mauritius. Senior policymakers from 11 SSA countries attended the three-day event. The seminar noted that after several years of growth, SSA countries were experiencing an economic slowdown and increasing financial imbalances. This shift was due to several factors: poor weather, the ripple effects of the Asian crisis, weak commodity prices, and armed conflicts. The conference focused on the critical steps required in order for SSA countries to become fully integrated into the global economy. The Legal Department held its annual highlevel seminar, Current Legal Issues Affecting Central Banks, for central bank lawyers. It included lectures on such topics as payment issues, banks in distress, defaults on sovereign debt, and the role of the Fund and other international financial organizations. Cofinancing Cofinancing agreements with training partners and member countries provided critical support for the strong expansion in the IMF Institute’s overseas training program in 1998–99. Part of the participant costs for training courses and semi- nars were often covered by cofinancing. In the case of cost-sharing agreements, regional institutes covered the overhead costs (such as those for facilities) and support staff costs of their programs. Scholarship programs for graduate study in economics were also funded. The Government of Japan continued as the largest single source of cofinancing for Institute activities during this period, as part of its broader support of the Fund’s technical assistance work. Japanese funds financed the participant and consultant costs for 14 courses and seminars in Asia, 4 in Africa, 3 in Europe, and 1 in the Middle East. Japanese financing also paid for a long-term expert to assist with the training program at the 15 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Box 4. EXR-IMF Institute Conduct Workshops in South Africa Since 1998, the IMF Institute has been assisting the External Relations Department (EXR) in conducting workshops for staff of important nongovernmental organizations (NGOs) as part of the Fund’s Outreach Program to South Africa. Two of the workshops took place in Johannesburg and Cape Town in March 1999 for representatives of the African National Congress, Pan Africanist Congress, the South African Council of Churches, trade unions, and business groups. The workshops were designed for noneconomists interested in understanding how economic analysis is applied to current policy issues. Lecturers presented the framework for macroeconomic analysis, summarizing the key objectives of macroeconomic policies, and they used data from recent Fund publications on South Africa to illustrate many of the concepts presented. Lecturers focused in particular on helping participants to better understand the Fund and the current debates on the economic issues facing South Africa. STI. Total Japanese funding for Institute activities, including support for the JVI and for the scholarship programs, amounted to more than $9 million over the two years. In 1992, the United Nations Development Programme (UNDP) established an account for the support of the Institute’s training program, which attracted contributions from the European Union and the governments of France and Portugal, as well as from the UNDP itself. During 1998–99, this account supported five courses and seminars in Africa and two courses in Europe, at a cost of almost $200,000. The Government of France, through a special account with the Fund, supported six other courses and high-level seminars in Africa on a 50-50 matching basis for about $150,000. Cost-sharing agreements lent an important impetus to the expansion of training at the regional centers during this period. The Government of Singapore paid half of STI’s participant costs, as well as all overhead and support staff costs. The agreement with the Fund’s partners—the African Development Bank and the World Bank Institute— in establishing the JAI called for the participant and consultant costs of courses to be shared equally among the partners. Similarly, the agreement with the AMF on the RTP provided that the participant and other course costs be shared equally between the AMF and the Fund. The support from the Government of Australia for the Australia-IMF Scholarship Program for Asia amounted to nearly $600,000 during the period. (See also “Scholarship Program,” page 20.) Other overseas courses and seminars in which the Fund is a partner usually benefit from substantial support from the host institution or government. During 1998–99, nine courses and seminars in Africa, Asia, and the Middle East received support from the Asian Development Bank, the AMF , the World Bank, CEMLA, 16 INTERNATIONAL MONETARY FUND REPORT ON TRAINING and SEACEN. Support has also been received from individual countries, including Argentina, Brazil, Honduras, India, Iran, Pakistan, Russia, Slovenia, and Ukraine, to help finance training delivered in those countries. Distance Learning The launching of the IMF Institute’s first distance learning course in January 2000 was a culmination of a two-year effort, spanning 1998–99. A combination of capacity limits on training at headquarters and technological advances made distance learning an obvious choice for meeting at least a portion of the expanding demand for Institute training. So, after spending about a year studying some of the most successful distance learning programs in the world and consulting with experts, the Institute began work on its program with an FPP course that combined distance learning with classroom teaching. The course material, which includes a textbook, a video- and audiotape, and three CDROMs, was developed by IMF Institute economists in close consultation with distance learning specialists. The course covers the same topics as the regular FPP course given at headquarters. It consists of 160 hours of training, half of which is taught at a distance over an eight-week period, and the other half at headquarters or one of the overseas regional training centers. Distance learning offers advantages for all involved: the learner, the employer, and the institution providing training. For example, with distance learning: • Participants work on a course where and when it is most convenient for them. • They spend less time on topics they already know to focus on topics they do not know as well. • They lose less time away from work and family and their employer loses fewer days in absences. In late 1999, the Institute contracted with the University of London to develop a basic economics course targeted to participants who need to improve their understanding of macroeconomics and statistics before taking regular Institute courses. The course will review selected economic and statistical principles that are essential for the financial programming exercise. It will be short, only about 40 hours, and will be delivered for the first time in 2001. The next step in the development of the Institute’s distance learning program is the creation of a dedicated website. The site will include all of the text material, with audio added to enhance selected sections. Through the website, the Institute will be able to update courses regularly and make them available to more participants worldwide. The website will also include an Internet discussion forum to enable participants to discuss selected issues in small groups and to collaborate on projects. INTERNATIONAL MONETARY FUND REPORT ON TRAINING 17 Internal Economics Training One of the major areas of growth in the training activities of the IMF Institute in 1998–99 was in internal training. This reflects the shift in strategy in 1996, when Fund management gave responsibility for the internal training program to the Institute. The objective was to strengthen both the quality and scope of internal economics training to ensure that Fund economists at all levels stay at the forefront of their profession. In 1999 the program conducted 20 courses and 41 seminars, compared with 6 courses and 13 seminars in 1996. As a result, the annual average number of days of economics training per economist increased: from 1.2 days in 1996, to 2.5 days in 1999. (See Figure 3.) The goal is to expand training to 3 days per economist per year over the next two years. The content and focus of the courses changed as well: from mostly introductory lectures and workshops on financial programming for new staff, to a wide mix of advanced courses and seminars for staff at all levels. The internal economics training program consists of short courses and half-day seminars with a particular focus on macroeconomics, econometrics, and finance. The program also includes seminars and courses in labor economics, trade, political economy, and structural reform issues. Each year, the Institute develops a 12-month program in consultation with the Fund’s Advisory Group on Economics Training—a panel of 14 representatives from area and functional departments. To conduct these events, the Institute brings in some of the best-known scholars in their respective fields. In 1999, 65 speakers from a broad range of universities and research institutions lectured in the program, compared with 36 speakers in 1997 and 19 in 1996. Because of the relevance of the topics and the quality of the lectures, demand for internal training was high. These courses are highly rated by participants. For example, in 1999, demand exceeded available space by at least 25 percent in 23 of the 61 events offered. Of particular interest to Fund economists were courses on the theoretical and policy aspects of financial and banking crises. Courses addressed such issues as the causes of crises, with a focus on the characteristics of recent episodes; contagion; the early warning signs of crises; regulatory issues; and the new financial architecture. A particularly well-received seminar was held in early 1999 in which a panel of experts from the private sector, all with previous Fund experience, led discussions on Dani Rodrik of Harvard University lecturing in a Fund internal economics course. 18 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Figure 3. Internal Training for Fund Economists, 1996–99 80 70 60 50 40 30 20 10 0 1996 Number of Training Activities Seminars Courses Jacob Frenkel, former Governor of the Bank of Israel, lectures on exchange rate and monetary policy at a Fund internal economics course. financial market issues. (See appendix for a complete listing of courses and seminars.) Finally, to explore ways of expanding the benefits of training to more people, the Institute produced a CD-ROM of one of its courses— Speculative Attacks and Currency Crises, by Peter Garber—and distributed the CDs to 300 economists. Because of the immediate and highly positive response of the users, the Institute is considering producing new CDs of selected internal training events. In 1998, the Institute consolidated its collaborative arrangement with the World Bank with an agreement to allow for participation of staff in the respective institution’s training activities. During the 1998–99 period, 175 Fund economists received training at the Bank, while 70 Bank staff participated in courses offered by the Fund. Also, in May 1998, the Institute organized a two-day course for senior Bank managers on financial programming. And in 1999, it invited a small number of staff from the Inter-American Development Bank to attend internal training events. In 2000, a small number of officials from developing countries will be invited to attend select courses and seminars. 2,500 2,000 1.500 1,000 500 1997 1998 1999 Number of Participants 1996 1997 1998 1999 Days of Training per Economist 3.0 2.5 2.0 1.5 1.0 1996 1997 1998 1999 INTERNATIONAL MONETARY FUND REPORT ON TRAINING 19 Other Activities Scholarship programs The IMF administers three scholarship programs for post-graduate study in economics. The JapanIMF Scholarship Program for Asia and the Australia-IMF Scholarship Program for Asia were established in 1991 with funding from the governments of Japan and Australia for studies at the master’s level in Australian and Japanese universities. In 1996, with additional funding from the Government of Japan, the Japan-IMF Fellowship Program for Advanced Studies was established to enable nationals of IMF Asian member countries to study for their doctoral degrees at one of North America’s leading universities. All three programs have grown substantially over the past years. The Japan-IMF Scholarship for Asia is geared toward young government officials from Asian transition countries who speak English, have a superior academic record, and are involved in the formulation or implementation of macroeconomic policy. The countries eligible for this program are Cambodia, China, Kazakhstan, Kyrgyz Republic, Lao PDR, Mongolia, Myanmar, Tajikistan, Turkmenistan, Uzbekistan, and Vietnam. The number of scholarships for this program have increased from 15 to 22 since the program’s inception, but the number of applicants has also risen sharply, from about 60 to 102 over the same period. The Government of Japan is planning to increase the number of scholarships. The Australia-IMF Scholarship Program for Asia is administered through the Australian National University in Canberra and is for officials enrolled in the Economics of Development Program. The countries eligible for this program are Cambodia, China, Indonesia, Kazakhstan, Kyrgyz Republic, Lao PDR, Myanmar, Mongolia, Philippines, Tajikistan, Turkmenistan, Uzbekistan, Vietnam, and Thailand. Since 1997, the number of scholarships awarded has increased from 10 to 16 and the number of applications has risen from 70 to 115. Competition for the 15 scholarships available through the Japan-IMF Fellowship for Advanced Studies has also been strong. The number of applicants increased from 33 in 1996 to 102 scholars in 2000. To be considered, candidates must have an interest in pursuing a career in the Fund or with one of the home administrations, a strong academic background in economics, and an orientation toward the operational aspects of economics. In the summer of their third year, students participate in a summer internship program at the Fund. By fall 2001 the first graduating group will be ready to apply to the Fund’s Economist Program. At that point, the success of the program will be evaluated. Since May 2000, the IMF Regional Office for Asia and the Pacific has been managing the Japan-IMF Scholarship Program for Asia and the Australia-IMF Scholarship Program for Asia. The IMF Institute continues to administer the JapanIMF Fellowship for Advanced Studies. Briefings for official visitors The IMF Institute arranges briefings for official visitors coming to the Fund as individuals or as groups. During 1998–99, the Institute hosted 14 briefings for more than 300 officials. Delegations came from such varied places and agencies as the People’s Republic of China, the Bank of Thailand, and the Egyptian Foreign Service. Briefings were given on a range of topics, including staff training policies and programs, the use of technology in staff training, and different aspects of the Fund’s work, including poverty reduction, architecture and transparency issues, and technical assistance. Several North American universities have established programs for officials from different countries to study economic development. These programs often include a visit to Fund headquarters, where the IMF Institute provides briefings on the Fund’s organization and activities. During 1998–99, the Institute hosted groups from the University of Connecticut, Vanderbilt University, the University of Pittsburgh, and the George Washington University. 20 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Regional Training Institutes and Programs IMF-Singapore Regional Training Institute T he IMF-Singapore Regional Training Institute (STI) began operations in May 1998, as a joint venture of the IMF and the Government of Singapore. The objectives of the STI are threefold: • to train officials from the Asia and Pacific region in the design and implementation of macroeconomic polices and related areas; Figure 4. Fund Training at the IMF-Singapore Regional Training Institute, 1998–99 Participant Data 1200 1000 800 600 400 200 0 1998 Participation by Agency Type Other 14% Ministry of Finance 23% Central Banks 63% 1999 Participants Participant weeks • to provide training that is attuned to regional needs; and • to strengthen the economic training capacity of the region. The opening of STI coincided with the unfolding of the financial crisis in Asia, and its location in Singapore placed the center close to many of the countries directly experiencing the crisis. This timely beginning highlighted the advantages of a strategy geared to building strong regional training institutions to serve the needs of member countries quickly and close to home. Activities in 1998–99 In just a short period—from May 1998 to December 1999—the STI provided 26 courses and seminars for 758 participants from 36 countries (see Figure 4). Most participants came from central banks (including related financial sector supervisory and restructuring organizations) and ministries of finance. The core program in macroeconomic management was supplemented by courses in statistics, financial sector issues, and public fiscal management. Because of the importance of financial sector issues in the region, both the number and variety of courses offered in this area were large. They included monetary operations, the theory and practice of financial sector supervision, dealing with problem banks, and policy design and implementation issues associated with financial sector innovation. Most of the courses and seminars were accompanied by workshops to give participants an opportunity to use the analytical frameworks and tools presented in exercises that simulated real-world situations. For example, in the financial programming courses, participants developed illustrative macroeconomic stabilization and adjustment programs, using actual data from a case study country in the region. While the majority of training offered was provided by the Fund, STI moved quickly to develop partnership arrangements with other bilateral and multilateral organizations to expand its train- Participation by Region Middle East 6% Europe 3% Asia and the Pacific 91% *BRO – Baltics, Russia, and other former Soviet Union countries 22 INTERNATIONAL MONETARY FUND REPORT ON TRAINING ing program. Thus in 1999, it began a collaborative effort with the World Bank to hold a special course, Experience with Structural Adjustment Policies. STI also collaborated with the Monetary Authority of Singapore in offering a special seminar on banking supervision and regulation that was supported by cofinancing from the Japan International Cooperation Agency. (See Box 5.) And discussions are under way with other potential partners. The fast pace of STI’s development and the quality of its training have brought the institute much media attention and high praise from the economic and financial institutions of the region. As a result demand for STI training is high and is estimated to remain so. Thus, looking ahead, collaborative efforts with partners and cofinancing arrangements will continue to be an important part of STI’s strategy as it works to expand the number and scope of its courses. Box 5. Special Events in 1999 National Course in Vietnam In August–September 1999, STI delivered a national course on Financial Programming and Policies in Hanoi, Vietnam. The course combined the principals of financial programming and policies with workshops designed at STI to guide participants through the application of financial programming techniques to the specifics of Vietnam’s recent economic situation, using actual data for Vietnam. All of the course material, including a selection of readings on structural reforms in areas of special interest to Vietnam, was translated into Vietnamese. The course lectures and workshop sessions were conducted in English with simultaneous translation into Vietnamese. Some 44 participants, mainly from the Ministry of Finance, attended the training. The course was notable for the broad cooperation it received from both within and outside Vietnam. Staff from the Ministry of Foreign Affairs provided translation and interpretation services. The Ministry of Finance sponsored the course and provided lecturing and counseling facilities. The technical cooperation program of the Government of Singapore provided financial support. And the IMF Institute provided lecturing and counseling assistance. By all accounts, the course was highly successful. As a result, STI is scheduling a follow up course in 2000 at the request of the State Bank of Vietnam. STI-World Bank Seminar on Experience with Structural Adjustment Policies STI and the World Bank held a joint seminar on Experience with Structural Adjustment Policies in November 1999. The first two days dealt with macroeconomic stabilization and the complementary structural adjustment reforms needed to produce sustainable improvement in growth and equity. Twenty-four participants attended from 10 countries, each of which had an active structural adjustment program under way. Interactive video conferencing was featured for two of the sessions, both of which received high marks from the participants. STI–MAS Special Seminar on Banking Supervision and Regulation In March, STI and the Monetary Authority of Singapore (MAS), with cofinancing support from the Japan International Cooperation Agency, hosted a special week-long seminar on bank supervision and regulation for 12 participants from the bank supervisory and restructuring agencies of four countries: Malaysia, Indonesia, Thailand, and the Philippines. The majority of the seminar leaders were staff from the bank supervisory department of the MAS, each of whom led seminars in their respective areas of expertise. A senior official from Japan’s newly established Financial Supervisory Agency led a seminar on the Agency’s experience to date. And another senior official from the Bank for International Settlements led a discussion on the Basle capital adequacy standards. INTERNATIONAL MONETARY FUND REPORT ON TRAINING 23 Joint Africa Institute T he Joint Africa Institute (JAI) was established in April 1999 by the African Development Bank (AfDB), the International Monetary Fund (IMF), and the World Bank, and it started its training activities in Abidjan, Côte d’Ivoire, in November 1999. In the two months of its operation in 1999, the JAI hosted two courses for 55 participants. Another 130 officials participated in its inauguration seminar (November 1–3) hosted by all three sponsoring organizations. It is estimated that the JAI will train about 400 participants annually. The three sponsoring organizations established the JAI to address the critical shortage of economic and managerial capacity that exists in most African countries. The JAI seeks to do this by: • Providing high-quality, policy-related training, mainly to African government and central bank officials, as well as to representatives of private sector and civil society of African countries, African academics and researchers, and other participants from the continent. • Offering a wide range of training topics reflecting the mission and expertise of the three sponsoring institutions. These topics range from financial programming and policies and macroeconomic management to economic growth and poverty alleviation, public finance, financial sector issues, health economics, and environmental economics. • Bringing together participants from different African countries in training sessions conducted in classroom, by videoconferencing, and through network and distance learning links. ducted by their staff, as well as by staff of other departments of the Fund and the World Bank. Specialized consultants, including experienced senior officials and academics from Africa, are also invited to lecture. Each partner institution is responsible for the preparation and delivery of its training events and for selecting the participants. Training consists of courses and seminars conducted in English, for participants from the 25 African English-speaking countries and one Portuguese-speaking country (Mozambique), and in French, for participants from the 28 African French-speaking and 5 Portuguese-speaking countries (Angola, Cape Verde, Equatorial Guinea, Guinea Bissau, and São Tomé and Principe). Courses (usually from one to three weeks) are aimed at mid- to seniorlevel participants. Seminars (typically two to three days) are targeted at senior policymakers, with simultaneous interpretation in both English and French. The Fund offers about half of the courses and seminars at the JAI, primarily through its functional departments—the Institute and the Fiscal Affairs, Monetary and Exchange Affairs, and Statistics departments. The Program Ahead The JAI is off to a strong start, with a full program of training planned for 2000: 11 courses in English and French and four bilingual seminars. The broad range of topics reflects the complementary areas of expertise of the three sponsoring institutions. The inaugural seminar, for example, focused on capacity building, governance, and economic reform in Africa. Other events will include public finance, banking supervision, rural development, privatization, health economics, environmental economics, money and banking statistics, balance of payments methodology, financial sector issues, and the role of the media in promoting good governance. Features of JAI Training The JAI training program is decided jointly by the AfDB, the IMF Institute, and the World Bank Institute, and training is con- 24 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Joint Vienna Institute T he Joint Vienna Institute received its first group of participants in 1992. Since then, it has trained more than 11,000 participants, mostly from the private and public sectors of the transition countries of central and eastern Europe, the former Soviet Union, and Asia. During 1998–99, the JVI trained 2,752 participants from more than 30 countries. The IMF continued to be the largest provider of training at the JVI, accounting for 54 weeks of training in 1998 and 51 weeks in 1999, as well as the training of 1,472 participants. (See Figure 5.) At a conference in early 1997, the JVI’s sponsoring organizations, donors, users, alumni, and staff agreed that the need for economics training in transition economies remained strong and that the JVI was uniquely placed to help meet those needs. An independent evaluation carried out at the same time established that JVI training was highly valued and that it was needed to meet future demands. These reports, together with the sponsoring organizations’ strategy for strengthening economics training in the region, formed the basis for the agreement to continue the JVI for another five years, until August 2004. With this mandate, the JVI undertook an ambitious program of training during 1998–99. It restructured its curriculum to reflect two factors: the increased level of prior training in market-oriented economics of its participants and the new issues facing officials from transition countries. Accordingly, the JVI replaced its 18week Comprehensive Course with a shorter, more policy-oriented Applied Economic Policy (AEP) course. The new AEP course was preceded by a three-week preparatory course at the JVI, designed to replace the discontinued Introductory Course, which had been administered by the World Bank and offered in four regional training centers. In addition to changing the focus of the former Comprehensive Course from theoretical to practical, applied economics, the shorter AEP course allowed the JVI to use its facilities for an increased number of seminars on specialized topics designed to meet the needs of target audiences. For example, the Bank for International Settlements delivered for the first time a two-week seminar, Promoting Financial Stability. The IMF seminar Public Expenditure and Treasury Management introduced a number of new sessions, including a brief financial programming exercise, a lecture on auditing issues, and presentations on fiscal transparency. The IMF also sponsored for the first time the seminar Advanced Macroeconomic Management as a supplement to its Macroeconomic Analysis and Policy seminar, which is a staple in the JVI curriculum. Also in 1999, the JVI hosted the first training event to be conducted by a nonsponsoring organization: Training for Trainers by the International Development Law Institute. As a supplement to its live lectures, the JVI expanded its use of videoconferencing. Seventeen of the seminars took advantage of this medium. The External Relations Department (EXR), for example, relied heavily on videoconferencing for its seminars Macroeconomic Policy and Structural Reform for Parliamentarians, supplementing presentations by EXR staff and resident representatives with presentations by lecturers from the Fiscal Affairs, European I and II, and Statistics departments. Participants were very positive about the access that videoconferencing provided to senior officials at headquarters. Looking ahead, the JVI will continue to expand its capacity for training. The European Commission has provided funding for two years for the JVI to restart the Introductory Courses in three regional centers (Kiev, Moscow, and Tashkent). In addition, the JVI is examining the possibility of running its own seminars, independent of the sponsoring organizations. This will help it to meet the continued high demand for economics training in the region. The JVI is also INTERNATIONAL MONETARY FUND REPORT ON TRAINING 25 Figure 5. IMF Training at the Joint Vienna Institute, 1996–99 experimenting with organizing cosponsorship seminars in collaboration with the central banks of some of the transition countries. These initiatives are designed to build on the experience that the JVI has gained in its first seven years of operation with one objective: to meet the economics training needs of officials in the transition economies. Participant Data 3000 2500 2000 1500 1000 500 0 Participants Participant weeks IMF-AMF Regional Training Program The joint Regional Training Program (RTP) of the IMF and the Arab Monetary Fund (AMF) began operation in May 1999 in Abu Dhabi, United Arab Emirates to provide economics training to officials of member countries of the two organizations in the Middle East and North Africa. The RTP is a medium-term program, initially covering three years, with the possibility of renewal. It offers courses in macroeconomic management and policies, financial sector issues, public finance, and economic statistics, as well as seminars on topical issues for high-level officials. Costs of the program (participants, consultants, and interpreters) are shared equally between the IMF and the AMF. From May to December 1999, the RTP conducted four courses for 140 officials. The courses were Financial Programming and Policies and Macroeconomic Impact of the Budget, both taught by the IMF Institute; Central Bank Accounting, taught by the Monetary and Exchange Affairs Department; and Money and Banking Statistics, taught by the Statistics Department. The RTP will enable the AMF and the Institute to train an additional 250 officials from the region yearly. This marks a significant increase in the availability of economic policy training in the Middle East and North Africa region. 1996 1997 1998 1999 Participation by Agency Type Other 25% Central Banks 45% Ministry of Finance 30% Participation by Region Asia and the Pacific 14% BRO* 62% Europe 24% *BRO – Baltics, Russia, and other former Soviet Union countries 26 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Training by Other Fund Departments Fiscal Affairs Department T he Fiscal Affairs Department (FAD) provides training on public finance to the Fund’s member countries. In 1998–99, the department organized seminars, both at headquarters and overseas, for senior officials of ministries of finance, including tax and budget departments, and longer courses at headquarters for mid-level finance officials, many in collaboration with the IMF Institute (described earlier). During 1998–99, the department conducted training in Asia, Europe, the Middle East, and Western Hemisphere on a broad range of public finance issues. Most of these activities were conducted in collaboration with the regional centers. At the Joint Vienna Institute (JVI), the department conducted courses on macroeconomic fiscal management, public expenditure and treasury management, tax policy and administration, valueadded taxation, and expenditure policy and social safety nets. These comprehensive two-week courses were intended mainly for participants from economies in transition from Asia, Central and Eastern Europe, and countries of the former Soviet Union. At the recently established IMFSingapore Regional Training Institute (STI), the department conducted a course in fiscal policy in a globalized environment and another in fiscal management, which covered fiscal policy analysis and public expenditure management issues. In addition, the department offered, or contributed to, a number of specialized seminars, often in cooperation with regional partners. For example, it conducted seminars in tax administration for senior tax and customs officials from Saudi Arabia, in Riyadh; from other countries in the Middle East, in Abu Dhabi; from Sri Lanka, in Colombo; from countries of the former Soviet Union, in Geneva; and from China, in Washington. It also conducted a specialized seminar on fiscal transparency in Ouro Preto for officials from Latin American countries, and a course on macrofiscal analysis in Bangkok for Thai officials. Altogether, FAD staff held, or contributed to, more than 20 courses or seminars overseas over the two-year period. On the whole, training has become more focused on specific problems encountered in public finance, with increasing emphasis on institution building and good governance. The courses have been designed to increase awareness of the need for strong fiscal components in stabilization programs and the challenges faced in shaping such measures. 28 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Monetary and Exchange Affairs Department T he Monetary and Exchange Affairs (MAE) Department provides training to mem- ber countries in various areas of monetary and exchange issues, payment systems, banking supervision, and bank restructuring. During 1998–99, MAE conducted 50 training activities, primarily workshops and seminars of 3 to 10 days at headquarters, at the regional training institutes and programs, and in various countries, including Brazil, China, Indonesia, Korea, the Philippines, and Russia. Apart from a few, such as those for Brazil, China, Korea, and Russia, training was regional, attended by officials from several countries, sometimes as many as 15. Typically, workshops targeted mid- to senior-level staff with experience in the subject area. They comprised lectures, working group sessions, and plenary discussions of exercises conducted in working groups. Workshops also included presentations by participants on relevant experiences of their countries and discussions on issues raised by participant responses to the questionnaires sent to them in advance of the workshop. Seminars typically focused on narrower topics, such as inflation targeting, and involved presentation of papers followed by group discussion. MAE also offered its annual core course Monetary and Exchange Operations. MAE workshops can be broad overviews—monetary operations, foreign exchange policy and operations, central bank accounting, payment systems, offsite banking supervision, on-site inspection—or more specialized, such as bank restructuring, dealing with problem banks, and base money programming. The broad overview workshops are offered more regularly than the specialized courses, although some topics, such as dealing with problem banks and bank restructuring, tend to be in increasing demand. Indeed, some workshops (and seminars) are designed to meet the special needs of particular countries at a specific time and are usually not repeated until circumstances warrant it. Some of the workshops are given under special technical assistance arrangements financed by an outside agency, such as the United Nations Development Programme for China and the European Commission’s technical assistance program (TACIS) for Russia. Among the workshops offered in 1998–99 were the following: • Monetary Operations reviewed the implementation of monetary policy through market-based instruments. It began with an overview of the basic macroeconomic and institutional framework for monetary policy formulation and implementation. This was followed by discussion of the design, control, and coordination of selected monetary instruments; liquidity forecasting; and secondary market development issues. The workshop ended with a case study. • Foreign Exchange Policies and Operations focused on policy issues such as convertibility, choice of exchange regimes INTERNATIONAL MONETARY FUND REPORT ON TRAINING 29 and foreign exchange market development, and various operational issues, including central bank foreign exchange operations and foreign exchange reserve management. • Payment Systems examined general risk management and efficiency issues in payment systems, legal issues, critical issues in the design of large-value transfer systems (especially netting and real-time gross settlement systems), the role of the central bank in general, and oversight of payment systems. Depending on the countries represented in the course, it also included discussion on intraday liquidity in realtime gross settlement systems, queuing systems, cross-border payment issues, linking securities and payment settlement, clearing house arrangements, check systems, and development of special payment instruments, such as credit, debit, and stored-value cards. • Central Bank Accounting and Internal Audit covered, among other topics, orga- nizational issues; chart of accounts concepts and implementation; financial account preparation and presentation; central bank profits; accounting issues for particular central bank operations, such as foreign exchange and government securities; accounting standards and financial transparency issues; and internal audit principles. Several case studies were also discussed. • Banking Supervision focused on the fundamentals of supervision and regulation, notably, organization, the legal and regulatory framework, reporting and off-site supervision methodology and analytical techniques, and inspection and followup procedures. The Basel Core Principles were discussed, as were basics such as loan classification and provisioning, the “CAMELS” rating system, approaches to capital adequacy, deposit insurance, exit policy for banks, and consolidated supervision. The general principles are further elaborated through case studies and exercises by working groups. 30 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Statistics Department T he Statistics Department’s technical assistance activities are reinforced and complemented through training courses and seminars for officials of member countries involved in producing and disseminating macroeconomic statistics. These courses are offered at Fund headquarters, at regional training institutes, and at selected regional sites. In addition, the Statistics Department includes training components in many of its country-specific technical assistance missions. This section deals primarily with overseas training, since headquarters training for midlevel officials is covered in the section under the IMF Institute. Regional training in statistics has risen sharply in recent years, reaching 32 workshops and seminars in the period 1998–99, compared with 21 in 1996–97, and only 3–4 in the early 1990s. Several factors help to explain the increased demand for regional training: the limited space available at Fund headquarters; the recent rapid pace of development of statistical methodologies and compilation methods and associated training needs; the need to tailor courses to the particular requirements of regional groupings of countries; and, more recently, the increased demand for training from countries interested in subscribing to the Special Data Dissemination Standard (SDDS) or participating in the General Data Dissemination System (GDDS). The Statistics Department courses were organized with the help of regional agencies or governments. They generally took two to three weeks and covered roughly the same material as courses offered at headquarters, but with case studies and practical applications oriented toward the specific needs of the regions involved. Since the mid-1980s, the Department has offered a regular series of courses in conjunction with the Arab Monetary Fund (AMF). The AMF provides facilities in Abu Dhabi, while its staff assist in presenting lectures and case studies. The Statistics Department provides lecturers and develops the course materials. During 1998–99, one course was held at the AMF on money and banking statistics. In addition, officials from 18 Middle Eastern countries participated in the pilot training phase of the GDDS—a database designed to provide countries with the information necessary for preparing metadata for their respective countries. The Central Bank of West African States (BCEAO) and the Bank of Central African States (BEAC) also organized statistics courses in cooperation with the Department, with staff of these agencies assisting in the presentations. These courses are designed to meet the needs of Francophone African countries and typically also include participants of French-speaking countries outside the BCEAO and BEAC. Training for officials of the former countries has increasingly been shifted to the Joint Africa Institute (JAI). In 1999, the Department offered a money and banking statistics course at the JAI. It also conducted a seminar on the pilot phase of the GDDS for officials of French-speaking countries in Cameroon in 1998 and for English-speaking countries in South Africa in 1999. INTERNATIONAL MONETARY FUND REPORT ON TRAINING 31 The Statistics Department has also used the recently established IMF-Singapore Regional Training Institute (STI) to offer courses to officials from countries in Asia and the Pacific. At the STI in 1998–99, the department offered courses on money and banking and national accounts statistics and two GDDS seminars for officials from mainland Asian countries and the Pacific Islands, respectively. It also cooperated with the Bank of Thailand in offering courses for countries in this region. The creation of the STI has allowed the Statistics Department to provide a more balanced program of training between Asia and Europe. Most of the training in Europe continued to be offered through the JVI, which during 1998–99 hosted courses in national accounts statistics, money and banking statistics, and balance of payments statistics. In addition, two seminars on the GDDS were held for officials from countries of Eastern Europe and the former Soviet Union. Regional workshops and seminars on the SDDS and GDDS were also presented at the Eastern Caribbean Central Bank in St. Kitts and in Mexico City. Related to the SDDS, a regional quarterly national accounts seminar was offered in Thailand in 1998. During this period, the department also offered three courses on money and banking statistics in collaboration with the Center for Latin American Monetary Studies (CEMLA) for Latin American countries, and a regional seminar in Costa Rica on new statistical methodologies and macroeconomic policy. The Department conducted a course on national accounts statistics in India, Russia, and Thailand, and a course on price statistics in the Ukraine. During the same period, it conducted regional courses in balance of payments statistics in Kazakhstan, Russia, and Zimbabwe, and a course in money and banking statistics in Portugal for officials from Portuguesespeaking countries in Africa. The Department also offered a course in Kuwait on government finance statistics based on the revised draft manual. Seminars were also organized for officials from countries with special training needs, such as China. Staff of the Statistics Department also participated in training activities conducted by other organizations, particularly the Regional Economic Commissions. 32 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Legal Department T he Legal Department, in conjunction with the IMF Institute and the regional Fund departments also participated, including the Policy Development and Review Department, the Monetary and Exchange Affairs Department, and the IMF Institute. • In May 1999 the Legal Department conducted a seminar, Financial Transactions: An Introduction for Lawyers, at the Joint Vienna Institute (JVI). The seminar was held for about 30 lawyers from transition countries in Asia and Eastern Europe. Participants discussed various aspects of money, exchange stability, bank insolvency, capital markets, international loans, exchange liberalization, and principles of administrative law. Also in 1999, the Department conducted the advanced seminar on Financial Transactions for Lawyers, also at the JVI. • In May 1998 at headquarters, the Department, together with the IMF Institute, held the sixth seminar in the series on Current Legal Issues Affecting Central Banks for approximately 40 senior officials from central banks. Topics included payment issues, banks in distress, defaults on sovereign debt, and the role of the Fund and other international financial organizations. Seminar papers were published in a volume entitled Current Developments in Monetary and Financial Law. • In October 1998, the Legal Department and the South-East Asian Central Banks (SEACEN) Research and Training Center jointly sponsored a workshop on the legal aspects of central banking for lawyers of central banks. Normally offered biennially, the workshop was held in Kuala Lumpur, Malaysia. training centers, provides training on the legal aspects of economic management to lawyers from central banks and finance ministries. The topics relate not only to the legal aspect of operation of central banking and state finance, but also to issues relevant to monetary and financial law on a broad international level. During the reporting period 1998–99, the department’s training activities were concentrated in the following projects: • In 1998, the Department participated in the inaugural seminar of the IMFSingapore Regional Training Institute (STI) on capital account convertibility. Legal department lecturers focused on existing international agreements and initiatives; their scope, structure, and objectives; and the proposed amendment of the Fund’s Articles. The seminar was attended by about 30 representatives of central banks and finance ministries from countries throughout Asia. In addition to the Legal Department, other INTERNATIONAL MONETARY FUND REPORT ON TRAINING 33 External Relations Department T he External Relations Department, in cooperation with area and functional departments, offers two to three seminars a year at the Joint Vienna Institute (JVI) for parliamentarians from transition economies. On occasion, it also arranges special seminars for parliamentarians in other locations. Five such seminars were held at the JVI in 1998 and 1999 and two in Africa. The seminars covered a selection of topics on macroeconomic and structural policy issues facing policymakers in transition economies. Typically, the seminars include presentations and discussions on the IMF and the international financial system, the global and regional economic outlook, external finance and the balance of payments, macroeconomic stabilization, tax policy, expenditure policy, and financial sector reform. 34 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Appendixes IMF INSTITUTE COURSES AND SEMINARS AT HEADQUARTERS 1998 Courses Advanced Financial Programming and Policies Advanced Financial Programming and Policies Advanced Financial Programming and Policies Balance of Payments Statistics (STA) Financial Programming and Policy Financial Programming and Policy Financial Programming and Policy Monetary and Exchange Operations (MAE) Money and Banking Statistics (STA) National Accounts Statistics (STA) Public Finance Specialized Course on Exchange Rate Policies Specialized Course on Monetary and Inflation Targeting Techniques of Financial Analysis and Programming Techniques of Financial Analysis and Programming English French Arabic English English (2) French Spanish English English English English English Spanish Arabic English (2) Seminars Current Legal Issues Affecting Central Banks (LEG) English 1999 Courses Advanced Financial Programming and Policies Advanced Financial Programming and Policies Advanced Financial Programming and Policies Advanced Financial Programming and Policies Balance of Payments Statistics (STA) Dealing with Banking and Currency Crises Financial Programming and Policies Financial Programming and Policies Financial Programming and Policies Government Finance Statistics (STA) Macroeconomic Management and Policies Macroeconomic Management and Policies Monetary and Exchange Operations (MAE) Money and Banking Statistics (STA) National Accounts Statistics (STA) Public Finance (FAD) English Arabic Spanish French French English English (2) Spanish Arabic English English (2) French English English English Spanish Seminars A Decade of Transition: Achievements and Challenges Conference on Capital Flows, Financial Crises, and Policies Second Generation Reforms English English English 36 INTERNATIONAL MONETARY FUND REPORT ON TRAINING IMF INSTITUTE OVERSEAS TRAINING AFRICA 1998 Regional Course on Financial Programming and Policy Regional Course on Financial Programming and Policy (WAIFEM) Regional Course on Financial Programming and Policies Regional Course on Financial Programming and Policy Regional Course on Fiscal Policy and Programming (MEFMI) Seminar on Preconditions for a Successful Liberalization of Capital Accounts Cameroon Nigeria Senegal South Africa Zimbabwe Madagascar 1999 Course on Banking Soundness Course on Basic Concepts of Macroeconomics Course on Basic Concepts of Macroeconomics Course on Financial Programming and Policy Course on Financial Programming and Policy for Lusophone African Countries Course on Financial Programming and Policy Regional Course on Banking Soundness Regional Course on Financial Programming and Policy Regional Course on Financial Programming and Policy Regional Seminar on Structural Adjustment in SSA Cameroon South Africa South Africa Cameroon Mozambique Nigeria Senegal Senegal Zimbabwe Mauritius ASIA 1998 Course on Financial Programming and Policies Course on Financial Programming and Policy Course on Macroeconomic and Financial Policies for Trainers Course on the Macroeconomic and External Sector Policies High Level Seminar on Macroeconomic Management and Transition Issues Regional Seminar on the Macroeconomic Management and the Japanese Experience of Economic Development China Malaysia Philippines Malaysia Thailand Japan 1999 Course on Financial Programming and Policy Course on Financial Programming and Policy Course on Financial Programming and Policies Course on Macroeconomic Adjustment and Financial Sector Issues China Vietnam Thailand India INTERNATIONAL MONETARY FUND REPORT ON TRAINING 37 Course on Macroeconomic and External Sector Policies Course on Macroeconomic and Financial Policies for Trainers Regional Seminar on the Macroeconomic Management and the Japanese Experience of Economic Development Malaysia Philippines Japan EUROPE, CENTRAL ASIA, AND THE BALTICS 1998 Course on External Sector Policies Course on Financial Programming and Macroeconomic Policy Course on Macroeconomic Analysis, Programming, and Policy Regional Course on Macroeconomic and Financial Policies Seminar on Financial Programming and Policy Russia Ukraine Uzbekistan Turkmenistan Uzbekistan 1999 Course on Financial Programming and Macroeconomic Policy Course on Financial Programming and Macroeconomic Policy Russia Ukraine MIDDLE EAST 1998 Design of Programs for Economic Adjustment and Stabilization Regional Course with AMF Regional Seminar for GCC Countries Seminar on Macroeconomic Adjustment and Reform United Arab Emirates Lebanon Saudi Arabia Pakistan 1999 Course on Financial Programming and Policy Course on Economic Management Training Program Course on Financial Programming and Policy Seminar on the Design of Fiscal Policies Iran Kuwait Pakistan Saudi Arabia WESTERN HEMISPHERE 1998 Course on Monetary Policy (CEMLA) National Course in Public Finance Regional Course on Financial Programming Mexico Brazil Ecuador 1999 Course on Financial Policy and Programming Course on Financial Programming Course on Financial Programming and Policies Argentina Brazil Honduras 38 INTERNATIONAL MONETARY FUND REPORT ON TRAINING IMF TRAINING AT REGIONAL TRAINING CENTERS AND PROGRAMS JOINT VIENNA INSTITUTE 1998 Advanced Financial Sector Law (LEG) Balance of Payments Statistics (STA) Banking Supervision (Dealing with Problem Banks) (MAE) Banking Supervision (On-Site Inspection) (MAE) Central Bank Accounting (MAE) Financial Transactions for Lawyers (LEG) Fiscal Policy Management (FAD) Foreign Exchange Policies and Operations (MAE) Macroeconomic Analysis and Policy (5 weeks) Macroeconomic Analysis and Policy (5 weeks) Monetary Operations (MAE) Money and Banking Statistics (STA) National Accounts Statistics (STA) Payment Systems (MAE) Public Expenditure and Treasury Management (FAD) Social Safety Net (FAD) Techniques of Financial Analysis and Programming (6 weeks) Trade and Exchange Rate Policies (3 weeks) Value Added Tax (FAD) 1999 Advanced Financial Sector Law (LEG) Balance of Payments Statistics (STA) Banking Supervision (Dealing with Problem Banks) (MAE) Banking Supervision (On-Site Inspection) (MAE) Central Bank Accounting (MAE) Financial Transactions for Lawyers (LEG) Fiscal Policy Management (FAD) Foreign Exchange Policies and Operations (MAE) Macroeconomic Analysis and Policy (5 weeks) (2) Monetary Operations (MAE) Money and Banking Statistics (STA) National Accounts Statistics (STA) Payment Systems (MAE) Public Expenditure and Treasury Management (FAD) Social Safety Net (FAD) Techniques of Financial Analysis and Programming (6 weeks) Trade and Exchange Rate Policies (3 weeks) Value Added Tax (FAD) INTERNATIONAL MONETARY FUND REPORT ON TRAINING 39 IMF-SINGAPORE REGIONAL TRAINING INSTITUTE 1998 Capital Account Convertibility (MAE) Financial Programming and Policy (2) Fiscal Policy for Sustained Growth in a Globalizing World (FAD) General Data Dissemination System (STA) Inaugural Seminar Challenges and Opportunities for Asia How to Deal with Problem Banks (MAE) Macroeconomic Impact of the Budget Techniques of Financial Analysis and Programming 1999 Banking Supervision (MAE) Financial Markets and Their Linkages Financial Programming and Policy Financial Programming and Policy National Accounts Statistics (STA) Financial Sector Reforms Fiscal Management (FAD) General Data Dissemination System (STA) International Financial Integration: Issues for Emerging Market Economies (MAE) How to Deal with Problem Banks (MAE) Macroeconomic Management and Transition Issues Money and Banking Statistics (STA) Monetary Operations (MAE) New Financial Instruments Selected Issues in Payment Systems (MAE) JOINT AFRICA INSTITUTE 1999 Inaugural Seminar Money and Banking Statistics (STA) IMF-AMF REGIONAL TRAINING PROGRAM 1999 Central Bank Accounting (MAE) Financial Programming Policy Macroeconomic Impact of the Budget Money and Banking Statistics (STA) 40 INTERNATIONAL MONETARY FUND REPORT ON TRAINING TRAINING BY OTHER FUND DEPARTMENTS FISCAL AFFAIRS DEPARTMENT OVERSEAS TRAINING 1998 Seminar on Taxation and Customs Administration Course on Public Revenue Management Seminar on Macroeconomic Fiscal Analysis Seminar on Intergovernmental Fiscal Relations Seminar on Fiscal Transparency Saudi Arabia United Arab Emirates Thailand Brazil Brazil 1999 Seminar on Customs Modernization in Countries in Transition Seminar on Taxation Seminar on Taxation of Goods and Services Seminar on Fiscal Policy Rules Switzerland China Sri Lanka Argentina, India MONETARY AND EXCHANGE AFFAIRS DEPARTMENT OVERSEAS TRAINING 1998 Bank Supervision Workshop Banking Supervision (On-Site) Workshop Base Money Programming Workshop Monetary Policy Research Workshop On-Site Bank Inspection Workshop Risk Assessment Workshop Korea Russia China China Russia Indonesia 1999 Accounting Workshop Bank Supervision Workshop Consolidation of Accounts and Supervision Workshop Foreign Exchange Regulation Market Development Inflation Targeting Seminar Inflation Targeting Seminar Inflation Targeting Workshop Monetary and Foreign Exchange Operations Workshop Monetary Policy Implementation Workshop Payments System Workshop China Indonesia Russia China Colombia Philippines Brazil Korea Korea Nicaragua INTERNATIONAL MONETARY FUND REPORT ON TRAINING 41 STATISTICS DEPARTMENT OVERSEAS TRAINING 1998 Balance of Payments GDDS Seminar for African Countries Money and Banking Statistics (CEMLA) National Accounts Statistics Prices Statistics Quarterly National Accounts Kazakhstan, Zimbabwe Cameroon Mexico, Uruguay Thailand Ukraine Thailand 1999 Balance of Payments GDDS Seminar Government Finance Statistics IMF/ECCB GDDS Seminar MF/CEMLA GDDS Seminar Money and Banking Statistics Money and Banking Statistics (CEMLA) National Accounts Statistics New Statistical Methodologies and Macroeconomic Policy (CAMC) Russia South Africa Kuwait St. Kitts Mexico Portugal, Russia Mexico India, Russia Costa Rica EXTERNAL RELATIONS DEPARTMENT OVERSEAS TRAINING 1998 Macroeconomic Policy and Structural Reform: Seminar on Parliamentarians Austria (2) 1999 Macroeconomic Policy and Structural Reform: Seminar on Parliamentarians Seminar on IMF and Economic Reforms Austria (3) Cameroon, Nigeria Note: Courses taught in English unless otherwise noted. Abbreviations indicate collaborating Fund department providing training. See glossary for listing of acronyms. 42 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Internal Economics Training for Fund Staff, 1998–99 1998 Courses Analysis of Dynamic Panel Data Models (2) Empirical Macro-modeling of Economic Time Series (2) Speculative Attacks and Currency Crises Empirical Modeling of Money Demand Applied Time Series Forecasting: An Introduction Economics of Exchange Rates: Theories and Evidence New Approaches to Open-economy Macroeconomics Economic Growth Topics in Advanced Macroeconomics Developing Country Macroeconomics Auctions and Treasury Securities Diagnosing and Dealing with Banking Fragility Econometric Analysis of Nonstationary Data Financial Crises, Facts, Theories,and Policies Hashem Pesaran, Cambridge University Neil Ericsson, Federal Reserve Board Peter Garber, Brown University Neil Ericsson, Federal Reserve Board Francis X. Diebold, University of Pennsylvania Ronald MacDonald, University of Strathclyde Kenneth Rogoff, Princeton University Xavier Sala-i-Martin, Columbia University Ricardo Caballero, M.I.T. Peter Montiel, Williams College Sushil Bikhchandani, University of California, Los Angeles Morris Goldstein, Institute for International Economics Peter Phillips, Yale University Guillermo Calvo and Carmen Reinhart, University of Maryland Seminars Adjustment for Growth: Lessons from the ESAF Review Revenue and Expenditure Strategies for Fiscal Adjustment in SAF/ESAF Countries Currency Crisis and Regime Change (2) Politics and the Economic Policy Process—Some Lessons for Bureaucrats Trade and Inequality Statistical Measurement of Financial Derivatives The Political Economy of Economic Reform in Africa Recent Research on Currency Crises Hedge Funds Dynamics Financial Crises and Exchange Rate Crises in Historical Perspective The Evolution of Conditionality Monetary Policy Shocks Policy Uncertainty and Investment in Developing Countries Health Policy Issues for Fund Economists Evaluation of IMF Programs: Methodology and Empirical Estimates The Asian Financial Crisis (2) Exchange Rate Policy The Macroeconomic Implications of Trade Policy International Capital Flows: Market Failures, Sustainability and Currency Crashes Macroeconomics of Distribution and Growth Hugh Bredenkamp, PDR Liam Ebrill and Sanjeev Gupta, FAD Maurice Obstfeld, University of California, Berkeley Avinash Dixit, Princeton University Alan Deardorff, Michigan Robert Heath, STA Nicholas van de Walle, Michigan State Nancy Marion, Dartmouth College Barry Eichengreen, RES Michael Bordo, Rutgers University Harold James, Princeton University Lawrence Christiano, Northwestern College Joshua Aizenman, Dartmouth College William Hsiao and Luis Cubeddu, FAD Patrick Conway, University of N. Carolina Morris Goldstein, Institute for International Economics Rudiger Dornbusch, M.I.T. Max Corden, University of Maryland Assaf Razin, Tel Aviv University Giuseppe Bertola, Istituto Universitario Europeo INTERNATIONAL MONETARY FUND REPORT ON TRAINING 43 Exchange Rate Fluctuations and Exchange Rate Coordination in East Asia Capital Controls The WTO and the Global Trading System Trade Issues in Fund-Supported Programs Currency and Banking Crises: Country Experience Explaining the Structure of Foreign Trade Currency Crisis and Regime Change (2) Developing Capital Markets Modeling Exchange Rate Crises with an Application to the Asian Meltdown Financial Development and Economic Growth The Exchange Rate Origins of Japan's Economic Slump in the 1990s Sovereign Asset and Liability Management East Asian Growth Before and After the Crises Ronald McKinnon, Stanford University Michael Dooley, Federal Reserve Board and University of California, Santa Cruz Alan Tait and Jesus Seade, Office in Geneva and PDR Robert Sharer and Piritta Sorsa, PDR Andrew Rose, University of California, Berkeley Elhanan Helpman, Harvard University Maurice Obstfeld, University of California, Berkeley Meir G. Kohn, Dartmouth College Vance Martin, University of Melbourne Ross Levine, University of Virginia Ronald McKinnon, Stanford University Michael Dooley, Federal Reserve Board and University of California, Santa Cruz Nick Crafts, London School of Economics 1999 Courses Topics in International Finance: New Directions in International Exposure Management Financial Crises in Historical Perspective Advanced Methods for Estimating and Forecasting Volatility in Financial Markets Modern Theories of International Capital Flows Empirical Modeling of Money Demand Topics in Applied Time-series Analysis Developing Country Macroeconomics Data Issues Regarding External Vulnerability Modern Macroeconomics Economic Forecasting in the Face of Structural Breaks Economics of Exchange Rates New Approaches to Open-economy Macroeconomics Economic Growth Empirical Macro-modeling of Economic Time Series New International Trade Theory Empirical International Finance An Introduction to Futures and Options Value at Risk Financial Econometrics Financial Crises: Facts, Theories, and Policies Sankar De, Richard Lyons and Mark Levonian, Center for Professional Development in Finance Michael Bordo (& Others), Rutgers University Francis X. Diebold, University of Pennsylvania Assaf Razin, Tel Aviv University Neil Ericsson, Federal Reserve Board Mark Watson, Princeton University Peter Montiel, Williams College PDR/STA Carl Walsh, University of California, Santa Cruz David Hendry, Oxford University Ronald MacDonald, University of Strathclyde Kenneth Rogoff, Princeton University Xavier Sala-i-Martin, Columbia University Neil Ericsson, Federal Reserve Board Elhanan Helpman, Tel Aviv University Nelson Mark, Ohio State University Rangarajan K. Sundaram/ Sunil Sharma, New York University/IMF Mark Levonian, Federal Reserve Board of San Francisco Vance Martin, University of Melbourne Carmen Reinhart (& Others), University of Maryland 44 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Seminars How to Think About the Equilibrium Rate of Unemployment Panel Seminar: Market Information and the IMF Olivier Blanchard, M.I.T. Mohamed El-Erian, David Folkerts-Landau, and Mahmood Pradhan, Salomon Smith Barney, Deutsche Bank Securities, and Tudor Proprietary Trading, L.L.C., respectively Anne Krueger, Stanford University Bennett McCallum, Carnegie Mellon Michael Dooley, Federal Reserve Board and University of California, Santa Cruz T.N. Srinivasan, Yale University Dani Rodrik, Harvard University Roberto Perotti, Columbia University Leonardo Leiderman, Tel Aviv University Alberto Alesina, Harvard University Jacob Frenkel, Bank of Israel Giuseppe Bertola, European University Institute Carmen Reinhart/Graciela Kaminsky, University of Maryland/George Washington University Robert Hall, Stanford University Aaron Tornell, New York University Gene Grossman, Princeton University Lawrence White, New York University Charles Calomiris, Columbia University Lawrence Christiano, New York University Jeffrey A. Frankel, University of California, Berkeley Rudiger Dornbusch, M.I.T. Ronald Findlay, Columbia University Michael Dooley, University of California, Santa Cruz Barry Eichengreen,, University of California, Berkeley John Campbell, Harvard University Michael Mussa and Miguel Savastano, RES Morris Goldstein, Institute for International Economics Edward Kane, Boston College Avinash Dixit, Princeton University Edward Green, Federal Reserve Bank of Minneapolis Olivier Blanchard, M.I.T. Robert Hodrick, Columbia University Mark Gertler, New York University Trade and Financial Systems Linkages in Asia Issues in the Design of Monetary Policy Rules Capital Controls: Theory and Experience Trade and Growth Openness and Development The Composition of Fiscal Adjustments Inflation Targeting: Lessons from Recent Experience Political Economy of Fiscal Policy Exchange Rate–Monetary Policy During Tranquil and Stormy Times: The Case of Israel Microeconomic Perspectives on Aggregate Labor Markets An Early Warning System for Financial Crises Modern Ideas about the Magnitude and Duration of Employment Fluctuations Common Fundamentals in the Tequila and Asian Crises Political Economy of Trade Policy Financial Regulation Banking Safety Nets Monetary Policy Shocks Exchange Rate Regimes: Current Issues in Research and Policy Exchange Rate Policy Trade and Development at the Turn of the Century Capital Controls: Theory and Experience A New Financial Architecture Macrofoundations of Asset Pricing The IMF Approach to Economic Stabilization Crisis Prevention and Crisis Management Banking Regulation and Banking Crises Political Economy of Policy Reform: Implications for IMF Programs Recent Developments in the Theory of Money European Unemployment: Looking at and Interpreting the Evidence Dynamic International Asset Pricing Recent Developments in Monetary Policy Analysis INTERNATIONAL MONETARY FUND REPORT ON TRAINING 45 Bayesian Econometrics: Squeezing Subtle Truths from Reluctant Data Sets An Automatic Procedure for Forecasting and Signal Extraction in Economic Time Series Currency and Banking Crises: Contagion Effects Corporate Governance, Part I Incentives in Government, Part II Liquidity Crises in Emerging Markets: Theory and Policy Currency Crisis and Regime Change Edward Leamer, University of California, Los Angeles Agustin Maravall, Bank of Spain Andrew Rose, University of California, Berkeley Jean Tirole, University of Toulouse Jean Tirole, University of Toulouse Andrés Velasco, New York University Maurice Obstfeld, University of California, Berkeley Note: FAD = Fiscal Affairs Department; PDR = Policy Development and Review Department; RES = Research Department; and STA = Statistics Department. 46 INTERNATIONAL MONETARY FUND REPORT ON TRAINING Glossary AERC AMF AsDB BCEAO BEAC CEMLA COFEB EPI FAD FPP GCC GDDS HIPC JCIF JVI MAE MEFMI African Economic Research Consortium Arab Monetary Fund Asian Development Bank Central Bank of West African States Bank of Central African States Center for Latin American Monetary Studies West African Training Center for Banking Studies Economic Policy Institute Fiscal Affairs Department, IMF Financial Programming and Policy Gulf Cooperation Council General Data Dissemination System Highly Indebted Poor Countries Japan Centre for International Finance Joint Vienna Institute Monetary and Exchange Affairs Department, IMF Macroeconomic and Financial Management Institute of Eastern and Southern Africa SDDS SEACEN SNA STA STI TFAP UNDP VAT WAIFEM Special Data Dissemination Standard South-East Asian Central Banks Research and Training Center System of National Accounts Statistics Department, IMF IMF-Singapore Regional Training Institute Techniques of Financial Analysis and Programming United National Development Programme Value-added tax West African Institute for Financial and Economic Management INTERNATIONAL MONETARY FUND REPORT ON TRAINING 47 For copies of this Report and other IMF Institute publications, information on the scholarship programs, or applications for courses at IMF headquarters or IMF courses at the regional training centers, please contact: Mrs. Gemina Archer-Davies Chief, Administration Division IMF Institute International Monetary Fund Washington, D.C. 20431, U.S.A. fax: 202.623.6490 email: email@example.com web: www.imf.org, go to “About the IMF” International Monetary Fund Washington, D.C. 20431, U.S.A.
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