1998 - 1999 Report

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1998 - 1999 Report Powered By Docstoc
					IMF Report on Training
                      1998 –1999
            International Monetary Fund
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
                       Distance Learning
                       Internal Economics Training
                       Other Activities

Regional Training Institutes and Programs
        IMF-Singapore Regional Training Institute                              .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .22
        Joint Africa Institute . . . . . . . . . . . . . . . . .               .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .24
        Joint Vienna Institute . . . . . . . . . . . . . . . .                 .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .25
        IMF–AMF Regional Training Program . . . .                              .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .26

Fiscal Affairs Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

Monetary and Exchange Affairs Department . . . . . . . . . . . . . . . . . . . . . .29

Statistics Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31

Legal Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33

External Affairs Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34

1.   IMF Training at Headquarters and Overseas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
2.   IMF Institute Training by Agency Type and Region, 1998–99 . . . . . . . . . . . . . . . . . . . .9
3.   Internal Training for Fund Economists, 1996–99 . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
4.   Fund Training at the IMF-Singapore Regional Training Institute, 1998–99 . . . . . . . . . .22
5.   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
                                        I am very pleased to       External Relations departments have significant train-
                                        present the fourth         ing programs, which they conduct at headquarters
                                        biennial Report on         and overseas in collaboration with the IMF Institute.
                                        Training—1998–99 by        All of them have adapted and enhanced their courses
                                        the IMF Institute and      over the report period to include some of the lessons
                                        other specialized          learned from the recent financial crisis. Their courses
                                        departments of the         have incorporated not only the latest developments in
                                        Fund—Fiscal Affairs,       the statistical and monetary instruments needed for
                                        Monetary and               sound economic policymaking, but also the latest
                                        Exchange Affairs,          research in the institutional frameworks that underpin
                                        Statistics, Legal, and     such policies, including the regulatory and legal
                                        External Relations. The    frameworks for financial sector soundness and trans-
                                        report looks back on       parency in policymaking.
                                        the training activities       While the Fund’s training program in 1998–99 has
                                        of the Fund during the     been ambitious, its success depended greatly on the
                                        two eventful years that    generous support and cooperation of our partners,
                                        closed the last century.   including the governments of Austria, Australia,
       It describes a significantly expanded and restructured      France, Japan, and Singapore, as well as the organiza-
       training program, reflecting the rising demand for          tions that worked with us in building the regional
       training from member countries and the new issues           training centers and programs.
       raised by the rapid changes in the global economy.             As this report shows, we are strongly committed to
       The IMF Institute spearheaded the changes in train-         continue providing high-quality training to the Fund’s
       ing with a new strategy that it introduced in 1997 and      member countries. Many of the steps taken to rein-
       implemented largely in 1998–99.                             force our training programs will further enhance our
          During this period, the Institute, in collaboration      efforts to improve the capacity of our member coun-
       with multilateral and bilateral partners, launched          tries in formulating and implementing sound macro-
       three new training centers and programs—the IMF-            economic policies and structural reforms and in
       Singapore Regional Training Institute, the Joint Africa     building strong financial sectors.
       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        Horst Köhler
       of the IMF Institute’s overseas training. They are          Managing Director
       an important addition to the Joint Vienna Institute,        International Monetary Fund
       which has been serving the training needs of officials      September 2000
       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 slow-
       down 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

              IMF INSTITUTE

              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.

                                                                joint IMF-China Training Program for Chinese offi-

          o make its program more responsive to the current
          and evolving needs of member countries, the           cials was launched in June 2000 in collaboration with
          Institute restructured its curriculum along three     the People’s Bank of China, and more regional train-
    lines. First, it strengthened the content of existing       ing centers are under consideration.
    courses by placing greater emphasis on topical issues in       The training capacity of the Institute is also being
    its core courses. Topics such as currency crisis, banking   extended through a distance learning program.
    soundness, indicators of financial and external sector      Taking advantage of the communications potential of
    crises, the HIPC Initiative for debt relief to low-income   the Internet, this program will allow the Institute to
    countries, and governance and transparency are among        reach more participants in more countries at signifi-
    those now covered in these courses.                         cantly reduced cost. The first course—Financial
       Second, it completed the reorientation of the curricu-   Programming and Policies—was designed during the
    lum from one that had been geared primarily to junior       report period and launched in January 2000. It com-
    and mid-level officials to a three-tier system that         bines distance learning with a short residential com-
    included more courses for senior officials. To this end,    ponent held in Washington.
    it introduced a number of new courses on financial             For IMF economists to remain at the forefront of
    sector issues, as well as some on specialized topics in     their profession—and to be well equipped to under-
    macroeconomic policy. It also organized three high-         stand and respond to the changing global economy—
    level seminars on issues of transition, capital flows       they need to stay abreast of debates in the profession
    and financial crises, and second generation reforms.        and new analytical tools. To this end, the Institute
       Third, the Institute strengthened links with univer-     redesigned and expanded the IMF’s internal econom-
    sities to enhance course offerings and stimulate            ics training program beginning in 1996. Previously,
    research. It brought leading academics to the Institute     internal training had focused largely on introductory
    as guest lecturers and inaugurated a visiting scholars      courses for new staff. With the new program, training
    program. During 1998–99, an average of 56 outside           was expanded to include advanced courses and semi-
    scholars a year lectured at the Institute, compared         nars for all Fund economists, and leading scholars
    with 28 in 1996–97. Reflecting the increased empha-         were invited from universities and research institu-
    sis on research, Institute staff produced 32 working        tions worldwide to conduct many of them. As a
    papers during the report period, a considerable             result, internal economics training for IMF econo-
    increase over the 8 produced in 1996–97.                    mists has increased from an average of 1.2 days in
       Between 1997 and 1999, the number of participants        1996 to 2.5 days in 1999.
    trained by the IMF Institute at headquarters and over-         Finally, the Institute significantly strengthened its
    seas grew from 1,912 to 2,685. Yet its resources and        use of technology to enhance both courses and
    facilities at headquarters had already reached near         administrative processes. It developed courses on CD-
    capacity. So in 1997, the Institute turned to establish-    ROMs, created websites for the dissemination of semi-
    ing a network of overseas regional training centers         nar papers, constructed a state-of-the-art lecture room
    and programs in collaboration with partners. The            at headquarters, made applications available online,
    strategy offered several benefits: it maximized the         and created a centralized database for the administra-
    delivery of training while reducing the strain on           tion of courses. A redesign of the Institute’s site on
    Institute resources, it helped build the regional and       the World Wide Web is planned for later in 2000.
    national training capacities of member countries, and          For an organization committed to training, change
    it strengthened partnerships.                               and renewal are fundamental and continuous. During
       The shift to overseas training followed the success      1996–97, the focus was on shaping a new strategy
    of the Joint Vienna Institute, which was established in     for a rapidly changing global economic environment.
    1992 by the IMF and other partners for officials of         Since then, the Institute has taken important steps
    transition countries. In 1998–99 the Institute made         in implementing this strategy, as the activities of
    major strides in implementing this strategy.                1998–99 show. In the period ahead, it will strive to
       In May 1998, together with the Government of             take advantage of opportunities for innovation, both
    Singapore, the Institute established the IMF-Singapore      to enhance the effectiveness of its existing programs
    Regional Training Institute. In May 1999, the               and to meet the new challenges that will inevitably be
    Regional Training Program opened in Abu Dhabi, in           posed by a changing global economy.
    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

                                                                INTERNATIONAL MONETARY FUND REPORT ON TRAINING
                                      IMF INSTITUTE
                                      TRAINING ACTIVITIES: 1998–99

                             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 con-
                     tribute 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 glob-
                     alization 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 transform-
                     ing 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 head-
                     quarters. 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.

Figure 1. IMF Training at Headquarters
          and Overseas                                                        Headquarters Training

                                                                              Restructuring the curriculum
                                                                                 The training program at headquarters comprises
                                                                              intermediate and advanced courses on macroeco-
 2500                         Number of Participants
                                                                              nomic and financial policies and short specialized
                                                HQ                  2,166     courses for more experienced officials. These are
 2000                                           Overseas                      given in four languages: Arabic, English, French,
                                                      1.686                   and Spanish. In 1998, the Institute began imple-
                                      1.449                                   menting a restructured curriculum that had three
                                                                              components. First, it adopted a new set of core
                                                                              courses that were shorter (8 weeks instead of 10)
 1000                                                                         and more carefully tailored to the level of partici-
              674                                             718
                                601             650                           pants: Macroeconomic Management and Policies
  500                                                                         (MMP), targeted for junior officials, and Financial
                                                                              Programming and Policies (FPP), aimed at more
     0                                                                        experienced officials. These courses (which are
                1996             1997            1998         1999            also offered for two weeks overseas) cover a
                                                                              broad range of macroeconomic issues, familiarize
                                                                              participants with economic forecasting techniques,
    80                      Number of Training Activities                     and include hands-on workshops that guide
                                                HQ                    72
                                                                              participants in formulating macroeconomic
                                                Overseas                      adjustment programs.
    60                                                 56                        The Institute also eliminated two courses—
                                       49                                     External Sector Policies and Techniques of
                                                                              Financial Analysis and Programming—helping to
    40                                                                        make room for a series of one- to two-week spe-
    30                                                                        cialized courses aimed specifically at more senior
              20                                              21              officials. These courses bridged the gap between
    20                          18               18
                                                                              the eight-week headquarters courses for junior
    10                                                                        and mid-level officials and the two-day seminars
                                                                              for senior officials. Thereby, they helped to
                1996             1997            1998         1999            strengthen a weak link in the curriculum:
                                                                              addressing the specific needs of busy senior offi-
                                                                              cials, who typically have little time for lengthy
                                 Participant Weeks
4,250                                                                         training assignments abroad but whose need for
                                                                              timely information on emerging economic issues
             HQ                                                               is always urgent.
3,750                                                                            At the same time, globalization and the Mexico
3,500                                                                         and Asian crises had pushed financial sector
                                                                              issues to the forefront of the economic debate. In
3,250                                                                         response, the Institute moved quickly to design
3,000                                                                         new courses to address the growing demand for
                                                                              training on these issues. Accordingly, over the
                                                                              1998–99 period, the Institute introduced a num-
2,500                                                                         ber of new specialized courses. Of these, several,
                1997                     1998                 1999            introduced in 1998, examined current macroeco-
                                                                              nomic 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

                                                                            INTERNATIONAL MONETARY FUND REPORT ON TRAINING
                                                        Figure 2. IMF Institute Training by Agency
   good grasp of the principles taught in the                     Type and Region, 1998–99
   Institute’s standard FPP course. The course
   covers the current macroeconomic issues,
   reviews recent initiatives in Fund policies and                                                             Institutions
   practices, and provides country case studies to                                   Planning                      3%
   highlight the policy issues and trade-offs in        Participation by Agency
   program design.                                        Type at Headquarters
• Monetary and Inflation Targeting covers the ana-                                              Other
   lytic and operational aspects of inflation target-
   ing based on specific country experiences and                                                                     Central Banks
   the scope for inflation targeting in developing                                       Ministry of                     55%
   countries.                                                                              26%
• 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                                                                 Institutions
   the functions, structures, and regulation of                                              2%
   financial markets, highlighting the role of a        Participation by Agency
   well-functioning financial system in fostering                 Type Overseas
   economic growth.                                                                             Other
• New Financial Instruments covers the develop-                                                 23%

   ment of derivative markets, the nature and                                                                        Central Banks
   pricing of derivative instruments, the use of                                            Ministry of
   these instruments for risk management, and                                                Finance
   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 develop-
   ment and reform. It also covers alternative
   approaches to the management of the reform            Participation by Region
   process.                                                      at Headquarters                Western Hem.         Africa
                                                                                                    18%              23%
• Macroeconomic Adjustment and Financial Sector
   Issues combines the policy components of the
                                                                                         Middle East                    Asia & Pacific
   traditional FPP courses with issues in financial                                         18%                             19%
   sector reforms.
• Macroeconomic Impact of the Budget focuses on                                                         Europe*
   the fiscal sector of the economy, including its                                                       22%
   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                     Participation by                    Western
                                                                                                      Hem.         Africa
Supplemental Resource Facility, the HIPC                       Region Overseas                         6%          12%
                                                                                          Middle East
Initiative for Debt Relief to Low-Income                                                     11%
Countries, governance and transparency, and the
new architecture of the international financial                                                                        Asia & Pacific
system. Along with revising the courses, the
Institute completed a set of 28 lecture summaries                                                 40%
on new advancements in economic analysis, esti-
mation techniques, and policies to incorporate in
the teaching material.

                                                                      *Includes the Baltics, Russia, and other former Soviet Union countries.

                                                               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 comple-
                                                             ment 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 high-
       Finally, to enhance the quality of the training
                                                             level seminars at headquarters: A Decade of
     offered, the Institute brought leading scholars to
                                                             Transition: Achievements and Challenges, sponsored
     lecture on a range of specialized topics. Thus,
                                                             with the European I and II Departments; Capital
     many courses at headquarters were taught by
                                                             Flows: Financial Crisis and Policies, organized with
     both Fund staff and outside scholars. In this way,
                                                             the World Bank and the World Trade Organization;
     participants benefited from lecturers who were
                                                             and Second Generation Reforms, in collaboration
     the most informed in theory, current research,
                                                             with the Fiscal Affairs Department (see Box 1 for
     and Fund operations, and in the process were
                                                             a description of the three conferences).
     exposed to wider perspectives that combined to
     deepen their understanding of the topics.
       At the same time, the Institute made significant      Overseas Training
     progress in implementing two initiatives begun in
     1997: making research an integral part of               Expanding overseas training through
     Institute work and establishing a visiting lectur-      partnerships
     ers program. These are described below.                 An important dimension of the Institute’s strategy
                                                             has been to expand overseas training through the
     Research and visiting lecturers program                 establishment of a network of regional training
     The Institute believes that the quality of teaching     centers and programs in collaboration with part-
     is directly related to the quality of its staff—hence   ners. The objectives have been (1) to meet rising
     the Institute’s increased emphasis on research.         demand for Institute training, (2) to achieve
     Institute contributions to the IMF Working Paper        greater balance in the availability of training
     and Policy Discussion Paper series rose from 7 in       across regions, (3) to strengthen regional training
     1997 to 14 in 1998 and 18 in 1999. Research             capacity, and (4) to increase efficiency and cost
     papers covered such areas as reform and growth in       sharing. This strategy followed the success of the
     Africa, the success of Fund programs, the infla-        Joint Vienna Institute (JVI), which had been in
     tion-growth nexus, inflation targeting, and the         operation since 1992. Accordingly, between 1998
     management of large international capital flows.        and 1999, the Institute launched three new
     The recent Report of the External Evaluation            regional centers and took the first steps in devel-
     Committee highlighted the change in the research        oping a fourth. (See pages 22–26 for more
     focus of the Institute, confirming that research in     detailed report on each of these centers).
     the department had helped to improve the quality
     of teaching and thus of the Fund’s technical assis-     • The IMF-Singapore Regional Training
     tance operations.                                         Institute (STI), cosponsored with the

                                                         INTERNATIONAL MONETARY FUND REPORT ON TRAINING
    BOX 1: High-level Seminars at Headquarters

    In 1998–99, the Institute, together            15–16, 1999 at the World Bank to
    with other Fund departments, organ-            address these issues. The seminar
    ized three high-level seminars in              brought together experts from the uni-
    Washington. A brief description of             versities and senior officials from the
    each follows:                                  Fund’s member countries. Participants
                                                   discussed such issues as early-warning
    A Decade of Transition: Achievements           systems for financial crises, the theoreti-
    and Challenges                                 cal and empirical bases of contagion in
    Ten years had passed since countries           global markets, and case studies of suc-
    in Eastern Europe and in the former            cessful capital controls. Conference
    Soviet Union had begun their transition        papers were posted on the World Bank’s
    to a market economy. To take stock of          research website.
    the experience, the Institute, jointly
    with the European I and II depart-             Second Generation Reforms
    ments, organized on February 1–3,              Transparency in government and finan-
    1999 a conference to discuss the               cial activities; good governance; sound
    achievements of transition to date and         legal, regulatory, and supervisory
    the challenges that lie ahead. The gath-       frameworks; and fiscal policy sensitive
    ering brought together some of the             to the social and economic needs of its
    leading authorities on transition eco-         citizens are all elements of “second
    nomics, as well as senior officials from       generation reforms.” They are increas-
    nearly all transition countries. The focus     ingly considered to be crucial for the
    was on such issues as disinflation,            continuation of sound macroeconomic
    growth, public enterprise reform, gov-         policies and quality growth. But many
    ernance, capital flows, banking sector         questions about them remain.
    reform, the underground economy, and              To examine the issues, the IMF
    income inequality. The consensus of            Institute and the Fiscal Affairs Depart-
    the conference was that transition has         ment held a high-level seminar on
    made considerable progress, often with         November 8–9, 1999 in which repre-
    enormous obstacles along the way, but          sentatives from universities, govern-
    important challenges remain, notably in        ments, the private sector, and multilat-
    establishing sound institutions and            eral institutions participated.
    incentive structures.                             Discussions focused on questions such
                                                   as: What types of reforms do countries
    Capital Flows: Financial Crisis                need to establish the right institutions for
    and Policies                                   a market economy; improve the quality
    The financial crisis that erupted in Asia in   of the administrative, legal, and regula-
    1997 and spilled over to other countries       tory functions of the state; address the
    in 1998 focused attention on the volati-       incentives that trigger action in both the
    lity of capital flows. What caused the         private and public sectors; and develop
    massive surge in capital flows to the          the institutional capacity for implement-
    emerging markets during the 1990s?             ing reforms?
    What were the benefits and problems               For the first time, the Institute also
    created by these flows? And how can            created a special conference website
    the volatility of capital flows be curbed?     containing all the papers and issued a
    The IMF Institute, together with the           CD-ROM of the papers, which was dis-
    World Bank and the World Trade Organ-          tributed to all participants on the day
    ization, organized a conference on April       of the conference.

       Government of Singapore, opened in May              Although the three training centers were in oper-
       1998. By December 1999 it had conducted 26          ation for only a part of the report period, they
       courses for 758 officials.                          made notable contributions to the IMF’s training
     • The Joint Africa Institute (JAI) in Abidjan, Côte   effort. First, the Institute conducted 30 courses
       d’Ivoire—a collaboration with the World Bank        through these centers—one-fourth of all overseas
       and the African Development Bank—began              training in 1998–99—for 915 officials. Second,
       operating in November 1999 and conducted            the centers showed international collaboration at
       two courses for 55 officials that year.             its best: different government and multilateral
     • The Regional Training Program (RTP) was             institutions coming together to bring the best
       launched in collaboration with the Arab             that each has to offer to build strong economic
       Monetary Fund (AMF) in May 1999 in Abu              training institutions in the regions. Third, the
       Dhabi, United Arab Emirates. It offered four        centers helped spread out the amount of training
       courses to 143 officials from AMF member            offered across regions, shifting the focus from
       countries that year.                                Europe, the area of concentration in the 1990s, to
     • The Joint China-IMF Training Program, spon-         the capacity needs of Africa, Asia, and the Middle
       sored with the People’s Bank of China, is           East, the regions with the greatest current needs.
       planned for training of Chinese officials. Work     Finally, through partnership agreements that
       on the program began in 1999, with the first        included cost sharing, they helped expand train-
       course launched in June 2000.                       ing 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 train-
                                                             ers of partner organizations. In addition, the
                                                             Institute provided occasional lecturing assis-
                                                             tance 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 con-
                                                             ducted with the Japan Center for International
                                                             Finance (JCIF)—focused on macroeconomic
               The atrium of the IMF headquarters
                                                             management and the Japanese experience of
                          building in Washington.

                                                       INTERNATIONAL MONETARY FUND REPORT ON TRAINING
       Box 2. Working with Regional Partners

      During 1998–99 the IMF Institute con-          helped establish the two centers as
      ducted many of its courses and semi-           part of its effort to enhance economics
      nars in partnership with regional train-       training capacity in Africa.
      ing institutions. Some of these are part-        In the Western Hemisphere, the
      ners of longstanding; others are rela-         Institute collaborated with the Center
      tively new.                                    for Latin American Monetary Studies
         In Africa, the Institute provided lectur-   (CEMLA), providing lecturing assistance
      ing assistance and conducted courses in        in courses organized by the center.
      financial programming and policies in          Other countries in which the Institute
      French in collaboration with the training      conducted regional courses (all in
      centers of the Central Bank of West            Spanish) were Argentina, Brazil,
      African States (West African Training          Ecuador, and Honduras.
      Center for Banking Studies—COFEB) in             In the Middle East and North Africa,
      Dakar, Senegal, and the Bank of Central        the Institute offered lecturing assis-
      African States (BEAC) in Yaoundé,              tance to the Economic Policy Institute
      Cameroon. The courses were financed            (EPI) of the Arab Monetary Fund and
      by the European Union, the United              conducted a joint regional course in
      Nations Development Programme, and             Arabic in Lebanon. As in previous
      the Government of France. They                 years, it also offered an annual seminar
      involved participants from the two CFA         at the Institute of Public Administration
      franc zones and other countries of west-       of Saudi Arabia for officials from mem-
      ern and eastern Africa.                        ber countries of the Gulf Cooperation
         In English-speaking Africa, the             Council (GCC).
      Institute collaborated with two new              In Asia, the Institute conducted
      regional training centers: the                 regional courses in the Philippines, in
      Macroeconomic and Financial                    collaboration with the Asian
      Management Institute of Eastern and            Development Bank; in Thailand, in
      Southern Africa (MEFMI) and the West           cooperation with the Bank of Thailand;
      African Institute for Financial and            in Malaysia and Bangkok, jointly with
      Economic Management (WAIFEM).                  the South-East Asian Central Banks
      MEFMI is a regional institute with nine        Research and Training Center (SEACEN);
      English- and Portuguese-speaking               and in Pakistan with the State Bank of
      members that is headquartered in               Pakistan for officials from Bangladesh,
      Harare, Zimbabwe. WAIFEM operates              Nepal, Pakistan, and Sri Lanka. It also
      from Lagos, Nigeria. It serves the five        offered lecturing assistance to SEACEN,
      English-speaking countries in West             and coordinated the lecturing assis-
      Africa. Two years earlier, in 1996 and         tance of other Fund departments to
      1997 respectively, the Institute had           the organization.

economic development. Another, offered in              Collaboration with Other Fund
collaboration with the Bank of Mauritius, focused      Departments
on structural adjustment in Sub-Saharan Africa.
The third, offered at STI, focused on the issues       As in previous years, the Institute continued its
of transition economies. The others, conducted         collaboration with other Fund departments in
in Madagascar and Thailand, examined precondi-         conducting specialized training at headquarters
tions for successful liberalization of capital         and overseas. At headquarters during 1998–99,
accounts, as well as macroeconomic management          these courses focused on a broad range of topics:
and transition issues.                                 public finance; monetary and exchange opera-
                                                       tions; balance of payments, government finance,

                     Box 3. Overseas High-level Seminars

                     Issues of Transition                          enhanced the quality of the program
                     At the height of the Asian crisis, the IMF    but also fostered greater exchanges
                     Institute conducted two seminars for          among participants.
                     senior officials from transition countries.
                     Macroeconomic Management and the              Orderly Approach to Capital Account
                     Japanese Experience of Economic               Liberalization
                     Development, a seminar conducted in           The role of capital flows in the Mexican
                     collaboration with the Japan Center for       and Asian crises has made liberalization
                     International Finance (JCIF), took place      of capital accounts a hotly debated issue
                     in Tokyo in 1998 and 1999. And                and one that senior policymakers need
                     Macroeconomic Management and                  to examine carefully. To provide a forum
                     Transition Issues, with the Bank of           for a better understanding of the issues
                     Thailand, was held in Bangkok, in April       in a regional context, the IMF Institute
                     of the same year. The seminars focused        focused two high-level seminars on the
                     in particular on the policies that had cre-   topic. The first, the inaugural seminar of
                     ated the Asian success stories and the        the IMF-Singapore Regional Training
                     factors that in 1997 caused the sudden        Center (STI) attended by 30 senior offi-
                     reversals in their fortunes. For each semi-   cials, was held in May 1998. The semi-
                     nar, the Institute drew on the particular     nar focused on the sequencing of
                     expertise of its partners in conducting       reforms, the lessons of the Asian crisis in
                     the sessions. Thus, while the IMF             the approach to liberalization, the pros
                     Institute lecturers discussed macroeco-       and cons of capital controls, and the role
                     nomic policy and reform, the JCIF lectur-     of the proposed amendment of the
                     ers reviewed Japan’s financial system,        Fund’s Articles of Agreement on capital
                     including its budgetary institutions and      account issues.
                     practices, and its political and adminis-        The second, with the French Ministry
                     trative systems. In the Bangkok seminar,      of Foreign Affairs, Cooperation and
                     senior officials from the Ministry of         Francophone Affairs, was held in
                     Finance provided first-hand view of how       Madagascar in November 1998. Twenty-
                     seemingly appropriate economic policies       seven senior officials from 14 Indian
                     can go wrong, providing valuable les-         Ocean and African countries represented
                     sons on macroeconomic management.             the full spectrum of the capital account
                     This collaborative approach not only          experience—from complete liberalization

     and monetary statistics; and the legal issues of      on the formulation and implementation of mone-
     central banks. (See also Box 4.)                      tary and exchange policies and on their structural
       The Fiscal Affairs Department offered a course,     and institutional underpinnings.
     Public Finance, to mid-level officials in French in      The Statistics Department continued to offer
     1998 and in Spanish in 1999. The course covered       four annual courses. Three of these—Balance of
     the macroeconomic effects of fiscal policy and        Payments, Government Finance Statistics, and Money
     reviewed issues related to public sector expendi-     and Banking Statistics—contained lectures, practical
     tures, taxes, the preparation and execution of the    exercises, and case studies to illustrate the basic
     budget, and the fiscal aspects of public enter-       methods of compiling statistics according to the
     prises. It ended with participants preparing a        Fund’s manuals on these topics. The fourth—
     country strategy document.                            National Accounts Statistics—provided in-depth
       The Monetary and Exchange Affairs Department        training on the 1993 System of National Accounts
     offered an annual course, Monetary and Exchange       (SNA). It covered the concept and theory of
     Operations, which sought to broaden participants’     national accounts, as well as the practical compila-
     understanding of central bank policies. It focused    tion issues and the implementation of the SNA.

                                                       INTERNATIONAL MONETARY FUND REPORT ON TRAINING
  to heavily restricted. The seminar provided    the important factors determining SSA’s
  a lively forum for exchange of experiences     future growth was its export base. And
  on such issues as sequencing of the liberal-   to expand it, SSA countries needed to
  ization process, coordination with other       strengthen their manufacturing. The con-
  domestic reforms, reducing the volatility      ference addressed three main issues: (1)
  of capital flows through greater trans-        the role of exchange rate policy in support-
  parency, frameworks for prudential super-      ing the competitiveness of the manufactur-
  vision and regulation for sound banking        ing sector, (2) the role of trade liberaliza-
  system, and corruption.                        tion and other structural reforms in
                                                 improving the efficiency and competitive-
  Focus on Africa                                ness of enterprises, and (3) the role of the
  The particular issues of Africa were the       institutional environment in promoting
  focus of three major overseas events           competitiveness. The papers presented at
  organized by the IMF Institute in 1998–99.     the conference are being published jointly
  One, a high-level seminar on capital           by the three sponsoring organizations.
  account liberalization in Madagascar, is          The third event, a high-level seminar on
  described above. The second, Policies for      Structural Adjustment in Sub-Saharan
  Competitiveness in Manufacturing in Sub-       Africa was held in Mauritius in May 1999
  Saharan Africa, was held in Johannesburg,      in collaboration with the Bank of
  South Africa in November 1998. It was          Mauritius. Senior policymakers from 11
  hosted jointly by the IMF Institute, the       SSA countries attended the three-day
  Development Center of the Organization         event. The seminar noted that after sev-
  for Economic Cooperation and Develop-          eral years of growth, SSA countries were
  ment (OECD), and the African Economic          experiencing an economic slowdown and
  Research Consortium (AERC). The confer-        increasing financial imbalances. This shift
  ence noted that after years of crisis and      was due to several factors: poor weather,
  stagnation, Africa was experiencing a          the ripple effects of the Asian crisis, weak
  much-improved economic outlook in the          commodity prices, and armed conflicts.
  late 1990s. But for many countries in          The conference focused on the critical
  Africa, particularly those in sub-Saharan      steps required in order for SSA countries
  Africa (SSA), the recovery was already         to become fully integrated into the
  being threatened by the economic and           global economy.
  political imbalances that remained. One of

   The Legal Department held its annual high-        nars were often covered by cofinancing. In the
level seminar, Current Legal Issues Affecting        case of cost-sharing agreements, regional insti-
Central Banks, for central bank lawyers. It          tutes covered the overhead costs (such as those
included lectures on such topics as payment          for facilities) and support staff costs of their pro-
issues, banks in distress, defaults on sovereign     grams. Scholarship programs for graduate study
debt, and the role of the Fund and other interna-    in economics were also funded.
tional financial organizations.                         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.
Cofinancing agreements with training partners        Japanese funds financed the participant and con-
and member countries provided critical support       sultant costs for 14 courses and seminars in Asia,
for the strong expansion in the IMF Institute’s      4 in Africa, 3 in Europe, and 1 in the Middle
overseas training program in 1998–99. Part of the    East. Japanese financing also paid for a long-term
participant costs for training courses and semi-     expert to assist with the training program at the

                   Box 4. EXR-IMF Institute Conduct Workshops in South Africa

                   Since 1998, the IMF Institute has             The workshops were designed for
                   been assisting the External Relations         noneconomists interested in understanding
                   Department (EXR) in conducting work-          how economic analysis is applied to cur-
                   shops for staff of important nongovern-       rent policy issues. Lecturers presented the
                   mental organizations (NGOs) as part of        framework for macroeconomic analysis,
                   the Fund’s Outreach Program to South          summarizing the key objectives of macro-
                   Africa. Two of the workshops took place       economic policies, and they used data
                   in Johannesburg and Cape Town in              from recent Fund publications on South
                   March 1999 for representatives of             Africa to illustrate many of the concepts
                   the African National Congress, Pan            presented. Lecturers focused in particular
                   Africanist Congress, the South African        on helping participants to better under-
                   Council of Churches, trade unions, and        stand the Fund and the current debates on
                   business groups.                              the economic issues facing South Africa.

     STI. Total Japanese funding for Institute activi-    seminars in Africa on a 50-50 matching basis
     ties, including support for the JVI and for the      for about $150,000.
     scholarship programs, amounted to more than            Cost-sharing agreements lent an important
     $9 million over the two years.                       impetus to the expansion of training at the regional
        In 1992, the United Nations Development           centers during this period. The Government of
     Programme (UNDP) established an account for the      Singapore paid half of STI’s participant costs, as
     support of the Institute’s training program, which   well as all overhead and support staff costs. The
     attracted contributions from the European Union      agreement with the Fund’s partners—the African
     and the governments of France and Portugal, as       Development Bank and the World Bank Institute—
     well as from the UNDP itself. During 1998–99, this   in establishing the JAI called for the participant and
     account supported five courses and seminars in       consultant costs of courses to be shared equally
     Africa and two courses in Europe, at a cost of       among the partners. Similarly, the agreement with
     almost $200,000. The Government of France,           the AMF on the RTP provided that the participant
     through a special account with the Fund,             and other course costs be shared equally between
     supported six other courses and high-level           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,

                                                      INTERNATIONAL MONETARY FUND REPORT ON TRAINING
and SEACEN. Support has also been received from       exercise. It will be short, only about 40 hours,
individual countries, including Argentina, Brazil,    and will be delivered for the first time in 2001.
Honduras, India, Iran, Pakistan, Russia, Slovenia,       The next step in the development of the
and Ukraine, to help finance training delivered in    Institute’s distance learning program is the cre-
those countries.                                      ation of a dedicated website. The site will include
                                                      all of the text material, with audio added to
                                                      enhance selected sections. Through the website,
Distance Learning
                                                      the Institute will be able to update courses regu-
The launching of the IMF Institute’s first distance   larly and make them available to more partici-
learning course in January 2000 was a culmina-        pants worldwide. The website will also include an
tion of a two-year effort, spanning 1998–99. A        Internet discussion forum to enable participants
combination of capacity limits on training at         to discuss selected issues in small groups and to
headquarters and technological advances made          collaborate on projects.
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 pro-
gram with an FPP course that combined distance
learning with classroom teaching.
   The course material, which includes a text-
book, a video- and audiotape, and three CD-
ROMs, was developed by IMF Institute econo-
mists 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 econo-
mics course targeted to participants who need
to improve their understanding of macroeco-
nomics and statistics before taking regular
Institute courses. The course will review
selected economic and statistical principles
that are essential for the financial programming

     Internal Economics Training                              and courses in labor economics, trade, political
                                                              economy, and structural reform issues. Each year,
     One of the major areas of growth in the training         the Institute develops a 12-month program in
     activities of the IMF Institute in 1998–99 was in        consultation with the Fund’s Advisory Group on
     internal training. This reflects the shift in strategy   Economics Training—a panel of 14 representatives
     in 1996, when Fund management gave responsi-             from area and functional departments.
     bility for the internal training program to the             To conduct these events, the Institute brings in
     Institute. The objective was to strengthen both          some of the best-known scholars in their respective
     the quality and scope of internal economics train-       fields. In 1999, 65 speakers from a broad range of
     ing to ensure that Fund economists at all levels         universities and research institutions lectured in
     stay at the forefront of their profession.               the program, compared with 36 speakers in 1997
        In 1999 the program conducted 20 courses and          and 19 in 1996. Because of the relevance of the
     41 seminars, compared with 6 courses and 13 sem-         topics and the quality of the lectures, demand
     inars in 1996. As a result, the annual average num-      for internal training was high. These courses are
     ber of days of economics training per economist          highly rated by participants. For example, in 1999,
     increased: from 1.2 days in 1996, to 2.5 days in         demand exceeded available space by at least 25
     1999. (See Figure 3.) The goal is to expand train-       percent in 23 of the 61 events offered.
     ing to 3 days per economist per year over the next          Of particular interest to Fund economists were
     two years. The content and focus of the courses          courses on the theoretical and policy aspects of
     changed as well: from mostly introductory lectures       financial and banking crises. Courses addressed
     and workshops on financial programming for new           such issues as the causes of crises, with a focus on
     staff, to a wide mix of advanced courses and semi-       the characteristics of recent episodes; contagion;
     nars for staff at all levels.                            the early warning signs of crises; regulatory issues;
        The internal economics training program con-          and the new financial architecture. A particularly
     sists of short courses and half-day seminars with a      well-received seminar was held in early 1999 in
     particular focus on macroeconomics, econometrics,        which a panel of experts from the private sector, all
     and finance. The program also includes seminars          with previous Fund experience, led discussions on

                           Dani Rodrik of Harvard University lecturing in a Fund internal economics course.

                                                          INTERNATIONAL MONETARY FUND REPORT ON TRAINING
                                                         Figure 3. Internal Training for Fund
                                                                   Economists, 1996–99

                                                                            Number of Training Activities






                                                                1996            1997            1998           1999
Jacob Frenkel, former Governor of the Bank of
Israel, lectures on exchange rate and monetary
policy at a Fund internal economics course.
                                                                               Number of Participants
financial market issues. (See appendix for a            2,500
complete listing of courses and seminars.)
   Finally, to explore ways of expanding the            2,000
benefits of training to more people, the Institute
produced a CD-ROM of one of its courses—                1.500
Speculative Attacks and Currency Crises, by Peter
Garber—and distributed the CDs to 300 econo-
mists. Because of the immediate and highly posi-         500
tive response of the users, the Institute is consid-
                                                                   1996          1997          1998         1999
ering producing new CDs of selected internal
training events.
   In 1998, the Institute consolidated its collabora-
tive arrangement with the World Bank with an
agreement to allow for participation of staff in the                       Days of Training per Economist
respective institution’s training activities. During     3.0
the 1998–99 period, 175 Fund economists received
training at the Bank, while 70 Bank staff participat-    2.5
ed in courses offered by the Fund. Also, in May
1998, the Institute organized a two-day course for       2.0
senior Bank managers on financial programming.           1.5
And in 1999, it invited a small number of staff
from the Inter-American Development Bank to              1.0
                                                                   1996          1997          1998         1999
attend internal training events. In 2000, a small
number of officials from developing countries will
be invited to attend select courses and seminars.

     Other Activities                                        Competition for the 15 scholarships available
                                                           through the Japan-IMF Fellowship for Advanced
     Scholarship programs                                  Studies has also been strong. The number of appli-
     The IMF administers three scholarship programs        cants increased from 33 in 1996 to 102 scholars in
     for post-graduate study in economics. The Japan-      2000. To be considered, candidates must have an
     IMF Scholarship Program for Asia and the              interest in pursuing a career in the Fund or with
     Australia-IMF Scholarship Program for Asia were       one of the home administrations, a strong acade-
     established in 1991 with funding from the govern-     mic background in economics, and an orientation
     ments of Japan and Australia for studies at the       toward the operational aspects of economics. In the
     master’s level in Australian and Japanese universi-   summer of their third year, students participate in a
     ties. In 1996, with additional funding from the       summer internship program at the Fund. By fall
     Government of Japan, the Japan-IMF Fellowship         2001 the first graduating group will be ready to
     Program for Advanced Studies was established to       apply to the Fund’s Economist Program. At that
     enable nationals of IMF Asian member countries to     point, the success of the program will be evaluated.
     study for their doctoral degrees at one of North        Since May 2000, the IMF Regional Office
     America’s leading universities. All three programs    for Asia and the Pacific has been managing the
     have grown substantially over the past years.         Japan-IMF Scholarship Program for Asia and the
        The Japan-IMF Scholarship for Asia is geared       Australia-IMF Scholarship Program for Asia. The
     toward young government officials from Asian          IMF Institute continues to administer the Japan-
     transition countries who speak English, have a        IMF Fellowship for Advanced Studies.
     superior academic record, and are involved in
     the formulation or implementation of macroeco-        Briefings for official visitors
     nomic policy. The countries eligible for this         The IMF Institute arranges briefings for official
     program are Cambodia, China, Kazakhstan,              visitors coming to the Fund as individuals or as
     Kyrgyz Republic, Lao PDR, Mongolia, Myanmar,          groups. During 1998–99, the Institute hosted 14
     Tajikistan, Turkmenistan, Uzbekistan, and             briefings for more than 300 officials. Delegations
     Vietnam. The number of scholarships for this          came from such varied places and agencies as the
     program have increased from 15 to 22 since            People’s Republic of China, the Bank of Thailand,
     the program’s inception, but the number of            and the Egyptian Foreign Service. Briefings were
     applicants has also risen sharply, from about         given on a range of topics, including staff train-
     60 to 102 over the same period. The Government        ing policies and programs, the use of technology
     of Japan is planning to increase the number           in staff training, and different aspects of the
     of scholarships.                                      Fund’s work, including poverty reduction,
        The Australia-IMF Scholarship Program for           architecture and transparency issues, and
     Asia is administered through the Australian           technical assistance.
     National University in Canberra and is for offi-         Several North American universities have
     cials enrolled in the Economics of Development        established programs for officials from different
     Program. The countries eligible for this program      countries to study economic development. These
     are Cambodia, China, Indonesia, Kazakhstan,           programs often include a visit to Fund headquar-
     Kyrgyz Republic, Lao PDR, Myanmar, Mongolia,          ters, where the IMF Institute provides briefings
     Philippines, Tajikistan, Turkmenistan,                on the Fund’s organization and activities. During
     Uzbekistan, Vietnam, and Thailand. Since 1997,        1998–99, the Institute hosted groups from the
     the number of scholarships awarded has                University of Connecticut, Vanderbilt University,
     increased from 10 to 16 and the number of appli-      the University of Pittsburgh, and the George
     cations has risen from 70 to 115.                     Washington University.

                                                       INTERNATIONAL MONETARY FUND REPORT ON TRAINING
Regional Training Institutes
and Programs
          IMF-Singapore Regional Training Institute
                                                                             • to provide training that is attuned to

                he IMF-Singapore Regional Training
                Institute (STI) began operations in                             regional needs; and
                May 1998, as a joint venture of the                          • to strengthen the economic training
          IMF and the Government of Singapore.                                  capacity of the region.
          The objectives of the STI are threefold:                              The opening of STI coincided with the
          • to train officials from the Asia and                             unfolding of the financial crisis in Asia,
            Pacific region in the design and imple-                          and its location in Singapore placed the
            mentation of macroeconomic polices                               center close to many of the countries
            and related areas;                                               directly experiencing the crisis. This
                                                                             timely beginning highlighted the advan-
                                                                             tages of a strategy geared to building
                                                                             strong regional training institutions to
     Figure 4. Fund Training at                                              serve the needs of member countries
     the IMF-Singapore Regional                                              quickly and close to home.
     Training Institute, 1998–99
                                                                             Activities in 1998–99
                              Participant Data
         1200                                                                In just a short period—from May 1998 to
                                     Participants                            December 1999—the STI provided 26
                                     Participant weeks
                                                                             courses and seminars for 758 participants
                                                                             from 36 countries (see Figure 4). Most par-
          600                                                                ticipants came from central banks (includ-
          400                                                                ing related financial sector supervisory and
                                                                             restructuring organizations) and ministries
                                                                             of finance. The core program in macroeco-
              0                                                              nomic management was supplemented by
                     1998                                          1999
                                                                             courses in statistics, financial sector issues,
                                                                             and public fiscal management.
                        Participation by Agency Type
                                                                                Because of the importance of financial
                                                                             sector issues in the region, both the num-
                              14%                                            ber and variety of courses offered in this
                                                                             area were large. They included monetary
                                               Central Banks                 operations, the theory and practice of
                  Ministry of
                   Finance                                                   financial sector supervision, dealing with
                    23%                                                      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 frame-
                  Participation by Region
         Middle East                                                         works and tools presented in exercises that
            6%                                                               simulated real-world situations. For exam-
                                                                             ple, in the financial programming courses,
                                                                             participants developed illustrative macro-
                                                                             economic stabilization and adjustment pro-
                                                                             grams, using actual data from a case study
                                            Asia and                         country in the region.
                                           the Pacific                          While the majority of training offered
                                              91%                            was provided by the Fund, STI moved
                                                                             quickly to develop partnership arrange-
                                                                             ments with other bilateral and multi-
        *BRO – Baltics, Russia, and other former Soviet Union countries      lateral organizations to expand its train-

                                                            INTERNATIONAL MONETARY FUND REPORT ON TRAINING
      ing program. Thus in 1999, it began a collabora-        The fast pace of STI’s development and the qual-
      tive effort with the World Bank to hold a special    ity of its training have brought the institute much
      course, Experience with Structural Adjustment        media attention and high praise from the economic
      Policies. STI also collaborated with the Monetary    and financial institutions of the region. As a result
      Authority of Singapore in offering a special semi-   demand for STI training is high and is estimated to
      nar on banking supervision and regulation that       remain so. Thus, looking ahead, collaborative
      was supported by cofinancing from the Japan          efforts with partners and cofinancing arrangements
      International Cooperation Agency. (See Box 5.)       will continue to be an important part of STI’s stra-
      And discussions are under way with other             tegy as it works to expand the number and scope of
      potential partners.                                  its courses.

Box 5. Special Events in 1999

National Course in Vietnam                    STI-World Bank Seminar on Experience
In August–September 1999, STI                 with Structural Adjustment Policies
delivered a national course on Financial      STI and the World Bank held a joint
Programming and Policies in Hanoi,            seminar on Experience with Structural
Vietnam. The course combined the prin-        Adjustment Policies in November 1999.
cipals of financial programming and poli-     The first two days dealt with macroeco-
cies with workshops designed at STI to        nomic stabilization and the complementary
guide participants through the applica-       structural adjustment reforms needed to
tion of financial programming tech-           produce sustainable improvement in
niques to the specifics of Vietnam’s          growth and equity. Twenty-four partici-
recent economic situation, using actual       pants attended from 10 countries, each of
data for Vietnam. All of the course           which had an active structural adjustment
material, including a selection of read-      program under way. Interactive video con-
ings on structural reforms in areas of        ferencing was featured for two of the ses-
special interest to Vietnam, was translat-    sions, both of which received high marks
ed into Vietnamese. The course lectures       from the participants.
and workshop sessions were conducted
in English with simultaneous translation      STI–MAS Special Seminar on Banking
into Vietnamese. Some 44 participants,        Supervision and Regulation
mainly from the Ministry of Finance,          In March, STI and the Monetary Authority
attended the training.                        of Singapore (MAS), with cofinancing
   The course was notable for the broad       support from the Japan International
cooperation it received from both within      Cooperation Agency, hosted a special
and outside Vietnam. Staff from the           week-long seminar on bank supervision
Ministry of Foreign Affairs provided trans-   and regulation for 12 participants from the
lation and interpretation services. The       bank supervisory and restructuring agen-
Ministry of Finance sponsored the course      cies of four countries: Malaysia, Indonesia,
and provided lecturing and counseling         Thailand, and the Philippines. The majority
facilities. The technical cooperation pro-    of the seminar leaders were staff from the
gram of the Government of Singapore           bank supervisory department of the MAS,
provided financial support. And the           each of whom led seminars in their respec-
IMF Institute provided lecturing and          tive areas of expertise. A senior official
counseling assistance. By all accounts,       from Japan’s newly established Financial
the course was highly successful. As a        Supervisory Agency led a seminar on the
result, STI is scheduling a follow up         Agency’s experience to date. And another
course in 2000 at the request of the          senior official from the Bank for Inter-
State Bank of Vietnam.                        national Settlements led a discussion on
                                              the Basle capital adequacy standards.

     Joint Africa Institute
                                                      ducted by their staff, as well as by staff of

            he Joint Africa Institute (JAI) was
            established in April 1999 by the          other departments of the Fund and the
            African Development Bank (AfDB),          World Bank. Specialized consultants,
     the International Monetary Fund (IMF),           including experienced senior officials and
     and the World Bank, and it started its           academics from Africa, are also invited
     training activities in Abidjan, Côte d’Ivoire,   to lecture. Each partner institution is
     in November 1999.                                responsible for the preparation and deliv-
        In the two months of its operation            ery of its training events and for selecting
     in 1999, the JAI hosted two courses for          the participants.
     55 participants. Another 130 officials              Training consists of courses and semi-
     participated in its inauguration seminar         nars conducted in English, for partici-
     (November 1–3) hosted by all three               pants from the 25 African English-speak-
     sponsoring organizations. It is estimated        ing countries and one Portuguese-speak-
     that the JAI will train about 400 partici-       ing country (Mozambique), and in
     pants annually.                                    French, for participants from the 28
        The three sponsoring                             African French-speaking and 5
     organizations established                              Portuguese-speaking countries
     the JAI to address the                                 (Angola, Cape Verde, Equatorial
     critical shortage of eco-                              Guinea, Guinea Bissau, and São
     nomic and managerial                                   Tomé and Principe).
     capacity that exists in most                              Courses (usually from one to three
     African countries. The JAI seeks                       weeks) are aimed at mid- to senior-
     to do this by:                                         level participants. Seminars (typically
     • Providing high-quality, policy-related          two to three days) are targeted at senior
        training, mainly to African government        policymakers, with simultaneous interpre-
        and central bank officials, as well as to     tation in both English and French. The
        representatives of private sector and civil   Fund offers about half of the courses and
        society of African countries, African aca-    seminars at the JAI, primarily through its
        demics and researchers, and other partic-     functional departments—the Institute and
        ipants from the continent.                    the Fiscal Affairs, Monetary and Exchange
     • Offering a wide range of training topics       Affairs, and Statistics departments.
        reflecting the mission and expertise of
        the three sponsoring institutions. These      The Program Ahead
        topics range from financial programming
        and policies and macroeconomic man-           The JAI is off to a strong start, with a full
        agement to economic growth and pover-         program of training planned for 2000: 11
        ty alleviation, public finance, financial     courses in English and French and four
        sector issues, health economics, and          bilingual seminars. The broad range of top-
        environmental economics.                      ics reflects the complementary areas of
     • Bringing together participants from dif-       expertise of the three sponsoring institu-
        ferent African countries in training ses-     tions. The inaugural seminar, for example,
        sions conducted in classroom, by video-       focused on capacity building, governance,
        conferencing, and through network and         and economic reform in Africa. Other
        distance learning links.                      events will include public finance, banking
                                                      supervision, rural development, privatiza-
     Features of JAI Training                         tion, health economics, environmental eco-
                                                      nomics, money and banking statistics, bal-
     The JAI training program is decided jointly      ance of payments methodology, financial
     by the AfDB, the IMF Institute, and the          sector issues, and the role of the media in
     World Bank Institute, and training is con-       promoting good governance.

Joint Vienna Institute
                                               shorter AEP course allowed the JVI to use

      he Joint Vienna Institute received its
      first group of participants in 1992.     its facilities for an increased number of
      Since then, it has trained more than     seminars on specialized topics designed
11,000 participants, mostly from the pri-      to meet the needs of target audiences.
vate and public sectors of the transition         For example, the Bank for International
countries of central and eastern Europe,       Settlements delivered for the first time a
the former Soviet Union, and Asia.             two-week seminar, Promoting Financial
During 1998–99, the JVI trained 2,752          Stability. The IMF seminar Public
participants from more than 30 countries.      Expenditure and Treasury Management
The IMF continued to be the largest            introduced a number of new sessions,
provider of training at the JVI, account-      including a brief financial programming
ing for 54 weeks of training in 1998 and       exercise, a lecture on auditing issues,
51 weeks in 1999, as well as the training      and presentations on fiscal transparency.
of 1,472 participants. (See Figure 5.)         The IMF also sponsored for the first time
   At a conference in early 1997, the JVI’s    the seminar Advanced Macroeconomic
sponsoring organizations, donors, users,       Management as a supplement to its
alumni, and staff agreed that the need         Macroeconomic Analysis and Policy semi-
for economics training in transition           nar, which is a staple in the JVI curricu-
economies remained strong and that the         lum. Also in 1999, the JVI hosted the first
JVI was uniquely placed to help meet           training event to be conducted by a non-
those needs. An independent evaluation         sponsoring organization: Training for
carried out at the same time established       Trainers by the International Develop-
that JVI training was highly valued            ment Law Institute.
and that it was needed to meet future             As a supplement to its live lectures, the
demands. These reports, together with          JVI expanded its use of videoconferencing.
the sponsoring organizations’ strategy for     Seventeen of the seminars took advantage
strengthening economics training in the        of this medium. The External Relations
region, formed the basis for the agree-        Department (EXR), for example, relied
ment to continue the JVI for another five      heavily on videoconferencing for its semi-
years, until August 2004.                      nars Macroeconomic Policy and Structural
   With this mandate, the JVI undertook        Reform for Parliamentarians, supplementing
an ambitious program of training during        presentations by EXR staff and resident
1998–99. It restructured its curriculum to     representatives with presentations by lec-
reflect two factors: the increased level of    turers from the Fiscal Affairs, European I
prior training in market-oriented econom-      and II, and Statistics departments.
ics of its participants and the new issues     Participants were very positive about the
facing officials from transition countries.    access that videoconferencing provided to
   Accordingly, the JVI replaced its 18-       senior officials at headquarters.
week Comprehensive Course with a                  Looking ahead, the JVI will continue to
shorter, more policy-oriented Applied          expand its capacity for training. The
Economic Policy (AEP) course. The new          European Commission has provided
AEP course was preceded by a three-week        funding for two years for the JVI to
preparatory course at the JVI, designed        restart the Introductory Courses in three
to replace the discontinued Introductory       regional centers (Kiev, Moscow, and
Course, which had been administered by         Tashkent). In addition, the JVI is examin-
the World Bank and offered in four             ing the possibility of running its own
regional training centers. In addition         seminars, independent of the sponsoring
to changing the focus of the former            organizations. This will help it to meet
Comprehensive Course from theoretical          the continued high demand for econom-
to practical, applied economics, the           ics training in the region. The JVI is also

                                                                                              experimenting with organizing cosponsorship
                                                                                              seminars in collaboration with the central banks
                                                                                              of some of the transition countries.
Figure 5. IMF Training at the Joint                                                             These initiatives are designed to build on the
                                                                                              experience that the JVI has gained in its first
          Vienna Institute, 1996–99
                                                                                              seven years of operation with one objective: to
                                                                                              meet the economics training needs of officials in
                                                                                              the transition economies.

                                 Participant Data
  3000                                         Participants
                                               Participant weeks
  2500                                                                                                    IMF-AMF Regional
  2000                                                                                                    Training Program
  1500                                                                                                    The joint Regional Training Program
  1000                                                                                                    (RTP) of the IMF and the Arab
                                                                                                          Monetary Fund (AMF) began opera-
     500                                                                                                  tion in May 1999 in Abu Dhabi,
                                                                                                          United Arab Emirates to provide eco-
       0                                                                                                  nomics training to officials of mem-
           1996                  1997                   1998                 1999
                                                                                                          ber countries of the two organiza-
                                                                                                          tions in the Middle East and North
                           Participation by Agency Type                                                   Africa. The RTP is a medium-term
                                                                                                          program, initially covering three
                                                                                                          years, with the possibility of renewal.
                                                                                                          It offers courses in macroeconomic
                            Other                                                                         management and policies, financial
                            25%                                                                           sector issues, public finance, and
                                                  Central Banks
                                                      45%                                                 economic statistics, as well as semi-
                                                                                                          nars on topical issues for high-level
                           Ministry of                                                                    officials. Costs of the program (par-
                            Finance                                                                       ticipants, consultants, and inter-
                             30%                                                                          preters) 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
                           Participation by Region                                                        Programming and Policies and
                                                                                                          Macroeconomic Impact of the
                                                Asia and                                                  Budget, both taught by the IMF
                                               the Pacific                                                Institute; Central Bank Accounting,
                                                  14%                                                     taught by the Monetary and
                                                                                                          Exchange Affairs Department; and
                           BRO*                            Europe                                         Money and Banking Statistics, taught
                           62%                              24%                                           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
           *BRO – Baltics, Russia, and other former Soviet Union countries                                Africa region.

                                                                                    INTERNATIONAL MONETARY FUND REPORT ON TRAINING
Training by Other Fund Departments
     Fiscal Affairs Department
                                                   public expenditure management issues.

             he Fiscal Affairs
                                                      In addition, the department offered, or
             Department (FAD) provides             contributed to, a number of specialized
                                                   seminars, often in cooperation with
             training on public finance            regional partners. For example, it con-
                                                   ducted seminars in tax administration
     to the Fund’s member countries.
                                                   for senior tax and customs officials from
     In 1998–99, the department                    Saudi Arabia, in Riyadh; from other coun-
                                                   tries in the Middle East, in Abu Dhabi;
     organized seminars, both at                   from Sri Lanka, in Colombo; from coun-
                                                   tries of the former Soviet Union, in
     headquarters and overseas, for
                                                   Geneva; and from China, in Washington.
     senior officials of ministries of             It also conducted a specialized seminar
                                                   on fiscal transparency in Ouro Preto for
     finance, including tax and budget             officials from Latin American countries,
                                                   and a course on macrofiscal analysis in
     departments, and longer courses               Bangkok for Thai officials.
     at headquarters for mid-level                    Altogether, FAD staff held, or con-
                                                   tributed to, more than 20 courses or sem-
     finance officials, many in collabo-           inars overseas over the two-year period.
                                                   On the whole, training has become more
     ration with the IMF Institute                 focused on specific problems encountered
     (described earlier).                          in public finance, with increasing empha-
                                                   sis on institution building and good gov-
                                                   ernance. The courses have been designed
       During 1998–99, the department con-         to increase awareness of the need for
     ducted training in Asia, Europe, the          strong fiscal components in stabilization
     Middle East, and Western Hemisphere on        programs and the challenges faced in
     a broad range of public finance issues.       shaping such measures.
     Most of these activities were conducted
     in collaboration with the regional centers.
       At the Joint Vienna Institute (JVI), the
     department conducted courses on macro-
     economic fiscal management, public
     expenditure and treasury management,
     tax policy and administration, value-
     added taxation, and expenditure policy
     and social safety nets. These comprehen-
     sive 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 IMF-
     Singapore Regional Training Institute
     (STI), the department conducted a course
     in fiscal policy in a globalized environ-
     ment and another in fiscal management,
     which covered fiscal policy analysis and

                                       INTERNATIONAL MONETARY FUND REPORT ON TRAINING
Monetary and Exchange Affairs Department
                                                Seminars typically focused on narrower

        he Monetary and Exchange
                                             topics, such as inflation targeting, and
        Affairs (MAE) Department             involved presentation of papers followed
                                             by group discussion. MAE also offered its
        provides training to mem-            annual core course Monetary and
                                             Exchange Operations.
ber countries in various areas of
                                                MAE workshops can be broad
monetary and exchange issues,                overviews—monetary operations, foreign
                                             exchange policy and operations, central
payment systems, banking super-              bank accounting, payment systems, off-
                                             site banking supervision, on-site inspec-
vision, and bank restructuring.
                                             tion—or more specialized, such as bank
During 1998–99, MAE conducted                restructuring, dealing with problem
                                             banks, and base money programming.
50 training activities, primarily            The broad overview workshops are
                                             offered more regularly than the special-
workshops and seminars of 3 to               ized courses, although some topics, such
10 days at headquarters, at the              as dealing with problem banks and bank
                                             restructuring, tend to be in increasing
regional training institutes and             demand. Indeed, some workshops (and
                                             seminars) are designed to meet the spe-
programs, and in various coun-               cial needs of particular countries at a
tries, including Brazil, China,              specific time and are usually not repeated
                                             until circumstances warrant it. Some of
Indonesia, Korea, the Philippines,           the workshops are given under special
                                             technical assistance arrangements
and Russia. Apart from a few,                financed by an outside agency, such
such as those for Brazil, China,             as the United Nations Development
                                             Programme for China and the European
Korea, and Russia, training was              Commission’s technical assistance
                                             program (TACIS) for Russia.
regional, attended by officials                 Among the workshops offered in
from several countries, sometimes            1998–99 were the following:
                                             • Monetary Operations reviewed the imple-
as many as 15.                                  mentation of monetary policy through
                                                market-based instruments. It began with
                                                an overview of the basic macroeconomic
  Typically, workshops targeted mid- to         and institutional framework for mone-
senior-level staff with experience in the       tary policy formulation and implementa-
subject area. They comprised lectures,          tion. This was followed by discussion of
working group sessions, and plenary dis-        the design, control, and coordination of
cussions of exercises conducted in work-        selected monetary instruments; liquidity
ing groups. Workshops also included pre-        forecasting; and secondary market devel-
sentations by participants on relevant          opment issues. The workshop ended
experiences of their countries and discus-      with a case study.
sions on issues raised by participant        • Foreign Exchange Policies and Operations
responses to the questionnaires sent to         focused on policy issues such as con-
them in advance of the workshop.                vertibility, choice of exchange regimes

       and foreign exchange market develop-          nizational issues; chart of accounts con-
       ment, and various operational issues,         cepts and implementation; financial
       including central bank foreign                account preparation and presentation;
       exchange operations and foreign               central bank profits; accounting issues
       exchange reserve management.                  for particular central bank operations,
     • Payment Systems examined general risk         such as foreign exchange and govern-
       management and efficiency issues in           ment securities; accounting standards
       payment systems, legal issues, critical       and financial transparency issues; and
       issues in the design of large-value           internal audit principles. Several case
       transfer systems (especially netting and      studies were also discussed.
       real-time gross settlement systems), the    • Banking Supervision focused on the fun-
       role of the central bank in general, and      damentals of supervision and regulation,
       oversight of payment systems.                 notably, organization, the legal and regu-
       Depending on the countries repres-            latory framework, reporting and off-site
       ented in the course, it also included         supervision methodology and analytical
       discussion on intraday liquidity in real-     techniques, and inspection and follow-
       time gross settlement systems, queuing        up procedures. The Basel Core Principles
       systems, cross-border payment issues,         were discussed, as were basics such as
       linking securities and payment settle-        loan classification and provisioning, the
       ment, clearing house arrangements,            “CAMELS” rating system, approaches to
       check systems, and development of             capital adequacy, deposit insurance, exit
       special payment instruments, such as          policy for banks, and consolidated super-
       credit, debit, and stored-value cards.        vision. The general principles are further
     • Central Bank Accounting and Internal          elaborated through case studies and
       Audit covered, among other topics, orga-      exercises by working groups.

                                       INTERNATIONAL MONETARY FUND REPORT ON TRAINING
Statistics Department
                                              recently, the increased demand for training

        he Statistics Department’s
                                              from countries interested in subscribing to
        technical assistance activi-          the Special Data Dissemination Standard
                                              (SDDS) or participating in the General
        ties are reinforced and               Data Dissemination System (GDDS).
                                                 The Statistics Department courses were
complemented through training
                                              organized with the help of regional agen-
courses and seminars for officials            cies or governments. They generally took
                                              two to three weeks and covered roughly
of member countries involved in               the same material as courses offered at
                                              headquarters, but with case studies and
producing and disseminating
                                              practical applications oriented toward the
macroeconomic statistics. These               specific needs of the regions involved.
                                                 Since the mid-1980s, the Department
courses are offered at Fund head-             has offered a regular series of courses in
                                              conjunction with the Arab Monetary
quarters, at regional training insti-         Fund (AMF). The AMF provides facilities
tutes, and at selected regional               in Abu Dhabi, while its staff assist in pre-
                                              senting lectures and case studies. The
sites. In addition, the Statistics            Statistics Department provides lecturers
                                              and develops the course materials. During
Department includes training                  1998–99, one course was held at the AMF
components in many of its coun-               on money and banking statistics. In addi-
                                              tion, officials from 18 Middle Eastern
try-specific technical assistance             countries participated in the pilot training
                                              phase of the GDDS—a database designed
missions. This section deals prima-           to provide countries with the information
rily with overseas training, since            necessary for preparing metadata for their
                                              respective countries.
headquarters training for mid-                   The Central Bank of West African States
                                              (BCEAO) and the Bank of Central African
level officials is covered in the             States (BEAC) also organized statistics
section under the IMF Institute.              courses in cooperation with the Depart-
                                              ment, with staff of these agencies assisting
                                              in the presentations. These courses are
  Regional training in statistics has risen   designed to meet the needs of Francophone
sharply in recent years, reaching 32 work-    African countries and typically also include
shops and seminars in the period 1998–99,     participants of French-speaking countries
compared with 21 in 1996–97, and only         outside the BCEAO and BEAC. Training for
3–4 in the early 1990s. Several factors       officials of the former countries has
help to explain the increased demand for      increasingly been shifted to the Joint Africa
regional training: the limited space avail-   Institute (JAI). In 1999, the Department
able at Fund headquarters; the recent rapid   offered a money and banking statistics
pace of development of statistical method-    course at the JAI. It also conducted a semi-
ologies and compilation methods and asso-     nar on the pilot phase of the GDDS for
ciated training needs; the need to tailor     officials of French-speaking countries in
courses to the particular requirements of     Cameroon in 1998 and for English-speak-
regional groupings of countries; and, more    ing countries in South Africa in 1999.

        The Statistics Department has also used     accounts seminar was offered in Thailand
     the recently established IMF-Singapore         in 1998. During this period, the depart-
     Regional Training Institute (STI) to offer     ment also offered three courses on money
     courses to officials from countries in Asia    and banking statistics in collaboration with
     and the Pacific. At the STI in 1998–99,        the Center for Latin American Monetary
     the department offered courses on money        Studies (CEMLA) for Latin American
     and banking and national accounts statis-      countries, and a regional seminar in Costa
     tics and two GDDS seminars for officials       Rica on new statistical methodologies and
     from mainland Asian countries and the          macroeconomic policy.
     Pacific Islands, respectively. It also coop-     The Department conducted a course on
     erated with the Bank of Thailand in offer-     national accounts statistics in India,
     ing courses for countries in this region.      Russia, and Thailand, and a course on
        The creation of the STI has allowed the     price statistics in the Ukraine. During the
     Statistics Department to provide a more        same period, it conducted regional cours-
     balanced program of training between           es in balance of payments statistics in
     Asia and Europe. Most of the training in       Kazakhstan, Russia, and Zimbabwe, and a
     Europe continued to be offered through         course in money and banking statistics in
     the JVI, which during 1998–99 hosted           Portugal for officials from Portuguese-
     courses in national accounts statistics,       speaking countries in Africa. The
     money and banking statistics, and bal-         Department also offered a course in
     ance of payments statistics. In addition,      Kuwait on government finance statistics
     two seminars on the GDDS were held for         based on the revised draft manual.
     officials from countries of Eastern Europe        Seminars were also organized for offi-
     and the former Soviet Union.                   cials from countries with special training
        Regional workshops and seminars on the      needs, such as China. Staff of the
     SDDS and GDDS were also presented at           Statistics Department also participated in
     the Eastern Caribbean Central Bank in St.      training activities conducted by other
     Kitts and in Mexico City. Related to the       organizations, particularly the Regional
     SDDS, a regional quarterly national            Economic Commissions.

                                       INTERNATIONAL MONETARY FUND REPORT ON TRAINING
Legal Department
                                               Fund departments also participated,

        he Legal Department, in
                                               including the Policy Development and
        conjunction with the IMF               Review Department, the Monetary and
                                               Exchange Affairs Department, and the
        Institute and the regional             IMF Institute.
training centers, provides training
                                             • In May 1999 the Legal Department con-
on the legal aspects of economic               ducted a seminar, Financial Transactions:
                                               An Introduction for Lawyers, at the Joint
management to lawyers from                     Vienna Institute (JVI). The seminar was
                                               held for about 30 lawyers from transition
central banks and finance min-
                                               countries in Asia and Eastern Europe.
istries. The topics relate not only            Participants discussed various aspects
                                               of money, exchange stability, bank insol-
to the legal aspect of operation               vency, capital markets, international
                                               loans, exchange liberalization, and prin-
of central banking and state                   ciples of administrative law. Also in
finance, but also to issues rele-              1999, the Department conducted the
                                               advanced seminar on Financial
vant to monetary and financial                 Transactions for Lawyers, also at the JVI.
law on a broad international                 • In May 1998 at headquarters, the
                                               Department, together with the IMF
level. During the reporting period
                                               Institute, held the sixth seminar in the
1998–99, the department’s train-               series on Current Legal Issues Affecting
                                               Central Banks for approximately 40 sen-
ing activities were concentrated               ior officials from central banks. Topics
                                               included payment issues, banks in dis-
in the following projects:
                                               tress, defaults on sovereign debt, and the
                                               role of the Fund and other international
• In 1998, the Department participated in
                                               financial organizations. Seminar papers
  the inaugural seminar of the IMF-
                                               were published in a volume entitled
  Singapore Regional Training Institute
                                               Current Developments in Monetary and
  (STI) on capital account convertibility.
                                               Financial Law.
  Legal department lecturers focused on
  existing international agreements and      • In October 1998, the Legal Department
  initiatives; their scope, structure, and     and the South-East Asian Central Banks
  objectives; and the proposed amendment       (SEACEN) Research and Training Center
  of the Fund’s Articles. The seminar was      jointly sponsored a workshop on the
  attended by about 30 representatives of      legal aspects of central banking for
  central banks and finance ministries         lawyers of central banks. Normally
  from countries throughout Asia. In addi-     offered biennially, the workshop was
  tion to the Legal Department, other          held in Kuala Lumpur, Malaysia.

     External Relations Department
                                                  discussions on the IMF and the interna-

             he External Relations
                                                  tional financial system, the global and
             Department, in cooperation           regional economic outlook, external
                                                  finance and the balance of payments,
             with area and functional             macroeconomic stabilization, tax
                                                  policy, expenditure policy, and
     departments, offers two to three
                                                  financial sector reform.
     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 selec-
     tion of topics on macroeconomic and
     structural policy issues facing policymak-
     ers in transition economies. Typically,
     the seminars include presentations and

                                       INTERNATIONAL MONETARY FUND REPORT ON TRAINING
        Advanced Financial Programming and Policies                                   English
        Advanced Financial Programming and Policies                                   French
        Advanced Financial Programming and Policies                                   Arabic
        Balance of Payments Statistics (STA)                                          English
        Financial Programming and Policy                                              English (2)
        Financial Programming and Policy                                              French
        Financial Programming and Policy                                              Spanish
        Monetary and Exchange Operations (MAE)                                        English
        Money and Banking Statistics (STA)                                            English
        National Accounts Statistics (STA)                                            English
        Public Finance                                                                English
        Specialized Course on Exchange Rate Policies                                  English
        Specialized Course on Monetary and Inflation Targeting                        Spanish
        Techniques of Financial Analysis and Programming                              Arabic
        Techniques of Financial Analysis and Programming                              English (2)

        Current Legal Issues Affecting Central Banks (LEG)                            English

        Advanced Financial Programming and Policies                                   English
        Advanced Financial Programming and Policies                                   Arabic
        Advanced Financial Programming and Policies                                   Spanish
        Advanced Financial Programming and Policies                                   French
        Balance of Payments Statistics (STA)                                          French
        Dealing with Banking and Currency Crises                                      English
        Financial Programming and Policies                                            English (2)
        Financial Programming and Policies                                            Spanish
        Financial Programming and Policies                                            Arabic
        Government Finance Statistics (STA)                                           English
        Macroeconomic Management and Policies                                         English (2)
        Macroeconomic Management and Policies                                         French
        Monetary and Exchange Operations (MAE)                                        English
        Money and Banking Statistics (STA)                                            English
        National Accounts Statistics (STA)                                            English
        Public Finance (FAD)                                                          Spanish

        A Decade of Transition: Achievements and Challenges                           English
        Conference on Capital Flows, Financial Crises, and Policies                   English
        Second Generation Reforms                                                     English

                                                                      INTERNATIONAL MONETARY FUND REPORT ON TRAINING
                  Regional Course on Financial Programming and Policy           Cameroon
                  Regional Course on Financial Programming and Policy           Nigeria
                  Regional Course on Financial Programming and Policies         Senegal
                  Regional Course on Financial Programming and Policy           South Africa
                  Regional Course on Fiscal Policy and Programming (MEFMI)      Zimbabwe
                  Seminar on Preconditions for a Successful Liberalization of   Madagascar
                                Capital Accounts

                  Course on Banking Soundness                                   Cameroon
                  Course on Basic Concepts of Macroeconomics                    South Africa
                  Course on Basic Concepts of Macroeconomics                    South Africa
                  Course on Financial Programming and Policy                    Cameroon
                  Course on Financial Programming and Policy for Lusophone      Mozambique
                                African Countries
                  Course on Financial Programming and Policy                    Nigeria
                  Regional Course on Banking Soundness                          Senegal
                  Regional Course on Financial Programming and Policy           Senegal
                  Regional Course on Financial Programming and Policy           Zimbabwe
                  Regional Seminar on Structural Adjustment in SSA              Mauritius

                  Course on Financial Programming and Policies                  China
                  Course on Financial Programming and Policy                    Malaysia
                  Course on Macroeconomic and Financial Policies for Trainers   Philippines
                  Course on the Macroeconomic and External Sector Policies      Malaysia
                  High Level Seminar on Macroeconomic Management and            Thailand
                                Transition Issues
                  Regional Seminar on the Macroeconomic Management and the      Japan
                  Japanese Experience of Economic Development

                  Course on Financial Programming and Policy                    China
                  Course on Financial Programming and Policy                    Vietnam
                  Course on Financial Programming and Policies                  Thailand
                  Course on Macroeconomic Adjustment and Financial Sector       India

       Course on Macroeconomic and External Sector Policies                        Malaysia
       Course on Macroeconomic and Financial Policies for Trainers                 Philippines
       Regional Seminar on the Macroeconomic Management and the                    Japan
                    Japanese Experience of Economic Development

       Course on External Sector Policies                                          Russia
       Course on Financial Programming and Macroeconomic Policy                    Ukraine
       Course on Macroeconomic Analysis, Programming, and Policy                   Uzbekistan
       Regional Course on Macroeconomic and Financial Policies                     Turkmenistan
       Seminar on Financial Programming and Policy                                 Uzbekistan

       Course on Financial Programming and Macroeconomic Policy                    Russia
       Course on Financial Programming and Macroeconomic Policy                    Ukraine

       Design of Programs for Economic Adjustment and Stabilization                United Arab Emirates
       Regional Course with AMF                                                    Lebanon
       Regional Seminar for GCC Countries                                          Saudi Arabia
       Seminar on Macroeconomic Adjustment and Reform                              Pakistan

       Course on Financial Programming and Policy                                  Iran
       Course on Economic Management Training Program                              Kuwait
       Course on Financial Programming and Policy                                  Pakistan
       Seminar on the Design of Fiscal Policies                                    Saudi Arabia

       Course on Monetary Policy (CEMLA)                                           Mexico
       National Course in Public Finance                                           Brazil
       Regional Course on Financial Programming                                    Ecuador

       Course on Financial Policy and Programming                                  Argentina
       Course on Financial Programming                                             Brazil
       Course on Financial Programming and Policies                                Honduras

                                                                   INTERNATIONAL MONETARY FUND REPORT ON TRAINING
           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)

           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)

        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

        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)

        Inaugural Seminar
        Money and Banking Statistics (STA)

        Central Bank Accounting (MAE)
        Financial Programming Policy
        Macroeconomic Impact of the Budget
        Money and Banking Statistics (STA)

                                                                     INTERNATIONAL MONETARY FUND REPORT ON TRAINING
                  Seminar on Taxation and Customs Administration                Saudi Arabia
                  Course on Public Revenue Management                           United Arab Emirates
                  Seminar on Macroeconomic Fiscal Analysis                      Thailand
                  Seminar on Intergovernmental Fiscal Relations                 Brazil
                  Seminar on Fiscal Transparency                                Brazil

                  Seminar on Customs Modernization in Countries in Transition   Switzerland
                  Seminar on Taxation                                           China
                  Seminar on Taxation of Goods and Services                     Sri Lanka
                  Seminar on Fiscal Policy Rules                                Argentina, India

                  Bank Supervision Workshop                                     Korea
                  Banking Supervision (On-Site) Workshop                        Russia
                  Base Money Programming Workshop                               China
                  Monetary Policy Research Workshop                             China
                  On-Site Bank Inspection Workshop                              Russia
                  Risk Assessment Workshop                                      Indonesia

                  Accounting Workshop                                           China
                  Bank Supervision Workshop                                     Indonesia
                  Consolidation of Accounts and Supervision Workshop            Russia
                  Foreign Exchange Regulation Market Development                China
                  Inflation Targeting Seminar                                   Colombia
                  Inflation Targeting Seminar                                   Philippines
                  Inflation Targeting Workshop                                  Brazil
                  Monetary and Foreign Exchange Operations Workshop             Korea
                  Monetary Policy Implementation Workshop                       Korea
                  Payments System Workshop                                      Nicaragua

         Balance of Payments                                                           Kazakhstan, Zimbabwe
         GDDS Seminar for African Countries                                            Cameroon
         Money and Banking Statistics (CEMLA)                                          Mexico, Uruguay
         National Accounts Statistics                                                  Thailand
         Prices Statistics                                                             Ukraine
         Quarterly National Accounts                                                   Thailand

         Balance of Payments                                                           Russia
         GDDS Seminar                                                                  South Africa
         Government Finance Statistics                                                 Kuwait
         IMF/ECCB GDDS Seminar                                                         St. Kitts
         MF/CEMLA GDDS Seminar                                                         Mexico
         Money and Banking Statistics                                                  Portugal, Russia
         Money and Banking Statistics (CEMLA)                                          Mexico
         National Accounts Statistics                                                  India, Russia
         New Statistical Methodologies and Macroeconomic Policy (CAMC)                 Costa Rica

         Macroeconomic Policy and Structural Reform: Seminar                           Austria (2)
                     on Parliamentarians

         Macroeconomic Policy and Structural Reform: Seminar                           Austria (3)
                      on Parliamentarians
         Seminar on IMF and Economic Reforms                                           Cameroon, Nigeria

     Note: Courses taught in English unless otherwise noted. Abbreviations indicate collaborating Fund department providing
     training. See glossary for listing of acronyms.

                                                                  INTERNATIONAL MONETARY FUND REPORT ON TRAINING
Internal Economics Training for Fund Staff, 1998–99


 Analysis of Dynamic Panel Data Models (2)                   Hashem Pesaran, Cambridge University
 Empirical Macro-modeling of Economic Time Series (2)        Neil Ericsson, Federal Reserve Board
 Speculative Attacks and Currency Crises                     Peter Garber, Brown University
 Empirical Modeling of Money Demand                          Neil Ericsson, Federal Reserve Board
 Applied Time Series Forecasting: An Introduction            Francis X. Diebold, University of Pennsylvania
 Economics of Exchange Rates: Theories and Evidence          Ronald MacDonald, University of Strathclyde
 New Approaches to Open-economy Macroeconomics               Kenneth Rogoff, Princeton University
 Economic Growth                                             Xavier Sala-i-Martin, Columbia University
 Topics in Advanced Macroeconomics                           Ricardo Caballero, M.I.T.
 Developing Country Macroeconomics                           Peter Montiel, Williams College
 Auctions and Treasury Securities                            Sushil Bikhchandani, University of California, Los Angeles
 Diagnosing and Dealing with Banking Fragility               Morris Goldstein, Institute for International Economics
 Econometric Analysis of Nonstationary Data                  Peter Phillips, Yale University
 Financial Crises, Facts, Theories,and Policies              Guillermo Calvo and Carmen Reinhart, University of Maryland

 Adjustment for Growth: Lessons from the ESAF Review         Hugh Bredenkamp, PDR
 Revenue and Expenditure Strategies
 for Fiscal Adjustment in SAF/ESAF Countries                 Liam Ebrill and Sanjeev Gupta, FAD
 Currency Crisis and Regime Change (2)                       Maurice Obstfeld, University of California, Berkeley
 Politics and the Economic Policy Process—Some
 Lessons for Bureaucrats                                     Avinash Dixit, Princeton University
 Trade and Inequality                                        Alan Deardorff, Michigan
 Statistical Measurement of Financial Derivatives            Robert Heath, STA
 The Political Economy of Economic Reform in Africa          Nicholas van de Walle, Michigan State
 Recent Research on Currency Crises                          Nancy Marion, Dartmouth College
 Hedge Funds Dynamics                                        Barry Eichengreen, RES
 Financial Crises and Exchange Rate Crises in
 Historical Perspective                                      Michael Bordo, Rutgers University
 The Evolution of Conditionality                             Harold James, Princeton University
 Monetary Policy Shocks                                      Lawrence Christiano, Northwestern College
 Policy Uncertainty and Investment in Developing Countries   Joshua Aizenman, Dartmouth College
 Health Policy Issues for Fund Economists                    William Hsiao and Luis Cubeddu, FAD
 Evaluation of IMF Programs: Methodology and
 Empirical Estimates                                         Patrick Conway, University of N. Carolina
 The Asian Financial Crisis (2)                              Morris Goldstein, Institute for International Economics
 Exchange Rate Policy                                        Rudiger Dornbusch, M.I.T.
 The Macroeconomic Implications of Trade Policy              Max Corden, University of Maryland
 International Capital Flows: Market Failures,
 Sustainability and Currency Crashes                         Assaf Razin, Tel Aviv University
 Macroeconomics of Distribution and Growth                   Giuseppe Bertola, Istituto Universitario Europeo

     Exchange Rate Fluctuations and Exchange                 Ronald McKinnon, Stanford University
     Rate Coordination in East Asia
     Capital Controls                                        Michael Dooley, Federal Reserve Board and
                                                             University of California, Santa Cruz
     The WTO and the Global Trading System                   Alan Tait and Jesus Seade, Office in Geneva and PDR
     Trade Issues in Fund-Supported Programs                 Robert Sharer and Piritta Sorsa, PDR
     Currency and Banking Crises: Country Experience         Andrew Rose, University of California, Berkeley
     Explaining the Structure of Foreign Trade               Elhanan Helpman, Harvard University
     Currency Crisis and Regime Change (2)                   Maurice Obstfeld, University of California, Berkeley
     Developing Capital Markets                              Meir G. Kohn, Dartmouth College
     Modeling Exchange Rate Crises with an Application
     to the Asian Meltdown                                   Vance Martin, University of Melbourne
     Financial Development and Economic Growth               Ross Levine, University of Virginia
     The Exchange Rate Origins of Japan's Economic
     Slump in the 1990s                                      Ronald McKinnon, Stanford University
     Sovereign Asset and Liability Management                Michael Dooley, Federal Reserve Board and
                                                             University of California, Santa Cruz
     East Asian Growth Before and After the Crises           Nick Crafts, London School of Economics


     Topics in International Finance: New Directions in      Sankar De, Richard Lyons and Mark Levonian, Center for
     International Exposure Management                       Professional Development in Finance
     Financial Crises in Historical Perspective              Michael Bordo (& Others), Rutgers University
     Advanced Methods for Estimating and
     Forecasting Volatility in Financial Markets             Francis X. Diebold, University of Pennsylvania
     Modern Theories of International Capital Flows          Assaf Razin, Tel Aviv University
     Empirical Modeling of Money Demand                      Neil Ericsson, Federal Reserve Board
     Topics in Applied Time-series Analysis                  Mark Watson, Princeton University
     Developing Country Macroeconomics                       Peter Montiel, Williams College
     Data Issues Regarding External Vulnerability            PDR/STA
     Modern Macroeconomics                                   Carl Walsh, University of California, Santa Cruz
     Economic Forecasting in the Face of Structural Breaks   David Hendry, Oxford University
     Economics of Exchange Rates                             Ronald MacDonald, University of Strathclyde
     New Approaches to Open-economy Macroeconomics           Kenneth Rogoff, Princeton University
     Economic Growth                                         Xavier Sala-i-Martin, Columbia University
     Empirical Macro-modeling of Economic Time Series        Neil Ericsson, Federal Reserve Board
     New International Trade Theory                          Elhanan Helpman, Tel Aviv University
     Empirical International Finance                         Nelson Mark, Ohio State University
     An Introduction to Futures and Options                  Rangarajan K. Sundaram/ Sunil Sharma, New York University/IMF
     Value at Risk                                           Mark Levonian, Federal Reserve Board of San Francisco
     Financial Econometrics                                  Vance Martin, University of Melbourne
     Financial Crises: Facts, Theories, and Policies         Carmen Reinhart (& Others), University of Maryland

                                                             INTERNATIONAL MONETARY FUND REPORT ON TRAINING
How to Think About the Equilibrium Rate of Unemployment        Olivier Blanchard, M.I.T.
Panel Seminar: Market Information and the IMF                  Mohamed El-Erian, David Folkerts-Landau, and Mahmood Pradhan,
                                                               Salomon Smith Barney, Deutsche Bank Securities, and Tudor
                                                               Proprietary Trading, L.L.C., respectively
Trade and Financial Systems Linkages in Asia                   Anne Krueger, Stanford University
Issues in the Design of Monetary Policy Rules                  Bennett McCallum, Carnegie Mellon
Capital Controls: Theory and Experience                        Michael Dooley, Federal Reserve Board and
                                                               University of California, Santa Cruz
Trade and Growth                                               T.N. Srinivasan, Yale University
Openness and Development                                       Dani Rodrik, Harvard University
The Composition of Fiscal Adjustments                          Roberto Perotti, Columbia University
Inflation Targeting: Lessons from Recent Experience            Leonardo Leiderman, Tel Aviv University
Political Economy of Fiscal Policy                             Alberto Alesina, Harvard University
Exchange Rate–Monetary Policy During Tranquil
and Stormy Times: The Case of Israel                           Jacob Frenkel, Bank of Israel
Microeconomic Perspectives on Aggregate Labor Markets          Giuseppe Bertola, European University Institute
An Early Warning System for Financial Crises                   Carmen Reinhart/Graciela Kaminsky,
                                                               University of Maryland/George Washington University
Modern Ideas about the Magnitude and
Duration of Employment Fluctuations                            Robert Hall, Stanford University
Common Fundamentals in the Tequila and Asian Crises            Aaron Tornell, New York University
Political Economy of Trade Policy                              Gene Grossman, Princeton University
Financial Regulation                                           Lawrence White, New York University
Banking Safety Nets                                            Charles Calomiris, Columbia University
Monetary Policy Shocks                                         Lawrence Christiano, New York University
Exchange Rate Regimes: Current Issues in Research and Policy   Jeffrey A. Frankel, University of California, Berkeley
Exchange Rate Policy                                           Rudiger Dornbusch, M.I.T.
Trade and Development at the Turn of the Century               Ronald Findlay, Columbia University
Capital Controls: Theory and Experience                        Michael Dooley, University of California, Santa Cruz
A New Financial Architecture                                   Barry Eichengreen,, University of California, Berkeley
Macrofoundations of Asset Pricing                              John Campbell, Harvard University
The IMF Approach to Economic Stabilization                     Michael Mussa and Miguel Savastano, RES
Crisis Prevention and Crisis Management                        Morris Goldstein, Institute for International Economics
Banking Regulation and Banking Crises                          Edward Kane, Boston College
Political Economy of Policy Reform:
Implications for IMF Programs                                  Avinash Dixit, Princeton University
Recent Developments in the Theory of Money                     Edward Green, Federal Reserve Bank of Minneapolis
European Unemployment: Looking at and
Interpreting the Evidence                                      Olivier Blanchard, M.I.T.
Dynamic International Asset Pricing                            Robert Hodrick, Columbia University
Recent Developments in Monetary Policy Analysis                Mark Gertler, New York University

     Bayesian Econometrics: Squeezing Subtle Truths
     from Reluctant Data Sets                                  Edward Leamer, University of California, Los Angeles
     An Automatic Procedure for Forecasting and
     Signal Extraction in Economic Time Series                 Agustin Maravall, Bank of Spain
     Currency and Banking Crises: Contagion Effects            Andrew Rose, University of California, Berkeley
     Corporate Governance, Part I                              Jean Tirole, University of Toulouse
     Incentives in Government, Part II                         Jean Tirole, University of Toulouse
     Liquidity Crises in Emerging Markets: Theory and Policy   Andrés Velasco, New York University
     Currency Crisis and Regime Change                         Maurice Obstfeld, University of California, Berkeley

     Note: FAD = Fiscal Affairs Department; PDR = Policy Development and Review Department; RES = Research Department; and
     STA = Statistics Department.

                                                               INTERNATIONAL MONETARY FUND REPORT ON TRAINING

         AERC     African Economic Research Consortium
          AMF     Arab Monetary Fund
         AsDB     Asian Development Bank
        BCEAO     Central Bank of West African States
         BEAC     Bank of Central African States
       CEMLA      Center for Latin American Monetary Studies
        COFEB     West African Training Center for Banking Studies
            EPI   Economic Policy Institute
          FAD     Fiscal Affairs Department, IMF
           FPP    Financial Programming and Policy
          GCC     Gulf Cooperation Council
         GDDS     General Data Dissemination System
          HIPC    Highly Indebted Poor Countries
           JCIF   Japan Centre for International Finance
            JVI   Joint Vienna Institute
          MAE     Monetary and Exchange Affairs Department, IMF
        MEFMI     Macroeconomic and Financial Management Institute of Eastern
                  and Southern Africa
         SDDS     Special Data Dissemination Standard
       SEACEN     South-East Asian Central Banks Research and Training Center
          SNA     System of National Accounts
           STA    Statistics Department, IMF
            STI   IMF-Singapore Regional Training Institute
          TFAP    Techniques of Financial Analysis and Programming
         UNDP     United National Development Programme
           VAT    Value-added tax
       WAIFEM     West African Institute for Financial and Economic Management

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: insinfo@imf.org
web: www.imf.org, go to “About the IMF”
International Monetary Fund
Washington, D.C. 20431, U.S.A.