IMF Course on Financial Development and Inclusion

June 21, 2018

We asked participants in the IMF Course on Financial Development and Financial Inclusion (FDFI) at the JVI in June 2018 about their experience with the course, how the JVI courses have helped their careers so far, and what they know about the IMF’s work or engagement with their home country. Here is what they shared with us:

The Group Photo, FDFI Course, June 4-15, 2018

Ms. Erjona Rebi, Senior Analyst, Monetary and Fiscal Sector, Bank of Albania

Mr. Suleyman Tolga Tiryaki, Economist, Central Bank of the Republic of Turkey

Ms. Anna Brzozowska, Economist, Financial Stability Dep., National Bank of Poland

 

What is special about the course you are currently participating in? What do you expect to get out of it for your job and professional development?

Ms. Anna Brzozowska, Economist, Financial Stability Department, National Bank of Poland:

The course presents a holistic approach to financial development and financial inclusion. It covers the recent developments, which is a great advantage. Professors Ralph Chami, Connel Fullenkamp, and Dyna Heng have a great ability to explain complex theories and models in a simple way, so everyone can understand. Lectures are very encouraging and thought-provoking. Theory is aligned with practice. Workshops and case studies facilitated by counsellors enable participants to better understand the concepts and to share their opinions and experience.  The multinational environment also enriches participants both professionally and personally. The course is inspiring and broadens horizons.  I’m leaving the JVI with a better understanding of theories, models, and new ways to measure financial development and financial inclusion which I would like to implement in my own analysis.

Ms. Erjona Rebi, Senior Analyst, Monetary and Fiscal Sector, Bank of Albania:

Discussing and learning about financial development is always an interesting topic to me. I believe that the latest global financial crisis and its long aftermath once again reminded us on how important it is to properly comprehend financial development dynamics. It is a reminder of how essential it is to understand financial agents and financial instruments; and especially to understand the importance of public trust and confidence in this sector. Today it has become extremely important to discuss these topics thoroughly, not only to understand the causes of the latest crisis but also to mitigate its repercussions. We are living in a world where the financial sector is the one leading with new ideas and instruments, so understanding FinTech products is ever more important for the future of the sector. It is even more important now to talk about financial inclusion and financial access for SMEs and micro firms, because these were the enterprises that were more significantly impacted by conservative bank policies and the credit shrinkage after the financial crisis.
If you want to learn about all these issues, the course on Financial Development and Financial Inclusion is the right place to be. The interaction of the theoretical background with the practical tools and case studies are always the best approach for analyzing financial development and financial instruments. I am looking forward to finding opportunities to apply the knowledge gained during this course in my daily work, once I go back to my country.


Mr. Suleyman Tolga Tiryaki, Economist, Central Bank of the Republic of Turkey:

As a macroeconomist working in a central bank, I have always been interested in how the process of financial intermediation changes the transmission of monetary policy from a macro perspective, taking the financial structure of my country as given. Yet I hadn’t thought very much about how countries end up with different financial structures or how aspects of the financial development process interact with the macro and socioeconomic framework of individual countries. The course I just participated in was an ideal starting point to think about those issues. The course successfully blended theoretical discussions with ample empirical evidence and actual case studies to help illustrate and understand the issues and policy challenges participants encounter in real life. I really appreciate the way the course is organized, which consisted in part of highly interactive lectures and in part of participant workshops prepared jointly by colleagues from different countries with different financial structures. This diversity made it possible to bring together not only numerous experiences but also complementary points of view when we were discussing a particular case and evaluating policy options. I really benefited from participating in this course because it provided me with a structure of thinking and a basic background in the topics of financial development and inclusion so that I can ask further questions, analyze particular cases, and evaluate policy options.


The course you are attending is being offered by the IMF. Do you know about IMF work in or engagement within your home country?


Ms. Erjona Rebi, Bank of Albania:

The IMF, through its several programs, has been a very important partner for Albania during its years of transition to a market economy. It has always been a strong voice among the main stakeholders in decisive moments for the country’s development. Until last year, Albania was under an IMF Extended Fund Facility (EFF) program, which supported the country through some tough reforms undertaken by the government. With this program, IMF provided once again strong support that was very valuable. Although Albania is no longer in a program, IMF teams continue to visit the country regularly and produce country reports that are always a good reference for further analyses. Another very valuable benefit to the country, is the training assistance that IMF offers; it is one of the best international institutions offering courses in the macro context. 


Mr. Suleyman Tolga Tiryaki, Central Bank of the Republic of Turkey:

In addition to the usual IMF work, such as conducting the Article IV Consultation or offering technical assistance missions, I know that the IMF has also a Resident Representative Office in Turkey. As far as I know, that office acts as a bridge between the government authorities and IMF headquarter staff in Washington. It also coordinates IMF technical assistance to various government institutions, such as the Central Bank, for example, which for example received several missions between 2005 and 2006 on Inflation Targeting and Monetary Policy Implementation.

 

Prepared by Tamara Tsikhistavi, Program Officer & Alumni Relations JVI

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