The 2018 Course Program: A View by Main Areas

October 19, 2017

The JVI is continuously updating its training program to meet the evolving needs of its clients. For 2018, we are building upon the 2017 offering, including the revamped IMF Institute for Capacity Development curriculum and courses offered by the Austrian Authorities and other JVI stakeholders. We further extend our program by two new courses – one on Basel regulation and one on human resources issues for central banks.

In this article, we want to give some guidance on the 2018 training curriculum by breaking it down to different areas to facilitate course selection by country officials in various institutions and departments. When deciding about a course, we recommend to follow the progression tables that categorize the courses offered by the IMF, JVI and Austrian Authorities by areas and provide an illustrative path that could be taken to progress from the introductory course in each category to the intermediate and advanced level offerings.

General Macroeconomic Analysis

Most of the JVI’s 2018 courses in this area will be offered by IMF. They include well-established courses such as Financial Programming and Policies and Macroeconomic Diagnostics as well as the advanced and recently revamped econometrics course on Macroeconomic Forecasting and Analysis and modelling-focused course on Monetary and Fiscal Policy Analysis with DSGE Models. In this area, the ICD curriculum also features the more specific courses on Macroeconomic Management in Resource-Rich Countries and Vulnerability Diagnostics.

The Oesterreichische Nationalbank (OeNB) will run the course on Macrofinancial Stability in Central, Eastern and Southeastern Europe.

As in previous years, the JVI, in collaboration with all JVI stakeholders, will organize its flagship course on Applied Economic Policy, which began with the founding of the JVI and has evolved over the years. Once as long as six months, it is now seven weeks in duration, and targeted at younger staff members who show high promise for future advancement in their public sectors. Indeed, a number of current or former ministers or central bank governors are alumni of the AEP course!

Financial Sector Issues

The IMF offers here two courses in the area of financial market analysis and development – Financial Markets and Instruments and Financial Development and Financial Inclusion - and two courses on financial stability monitoring and micro- and macro-prudential policies - Financial Sector Surveillance and Financial Sector Policies. On top of that, the well-known and highly-demanded specialized IMF courses on Bank Restructuring and Resolution and Systemic Macrofinancial Risk Analysis will be run, too.

The OeNB will offer its courses on Financial Stability Stress Testing for Banking Systems and Financial Education.

The JVI will continue delivering high-level courses with partner central banks such as the OeNB, Deutsche Bundesbank (BBk), the Bank of England, and the Banque de France on Banking Supervision within the Basel Framework, Macroprudential Tools, and Financial Stability Policy of Central Banks, respectively.

In addition, starting in 2018, we are newly collaborating with the Bank for International Settlements to present another course relevant to financial sector professionals, the Basel Framework and the Challenges of Implementation. This new course will discuss the latest developments in Basel regulations, review the key Basel III requirements for banks’ solvency and liquidity, and explore relevant country experiences with implementing Basel III over the past few years.

Fiscal Policy

In the fiscal area, the IMF will offer the courses on Fiscal Policy Analysis, Fiscal Sustainability, and Fiscal Frameworks, as well as the specialized offering on Medium-Term Budgetary Frameworks, Fiscal Rules and Fiscal Councils.

The Austrian Federal Ministry of Finance (BMF) will present its traditional fiscal courses such as the well-known Sound Fiscal Institutions and offerings of Public Financial Management and Administrative Reforms and Public-Private Partnerships.

Monetary, Exchange Rate, and Capital Account Policies

In the monetary, exchange rate, and capital flow areas, IMF offers courses on Monetary Policy, Exchange Rate Policy, and Managing Capital Flows: Macroeconomic Analysis and Policies, and the advanced course on Model-Based Monetary Policy Analysis and Forecasting.

The OeNB will run its course on Cash Circulation and Payment Systems in Austria, while the JVI will again organize its joint course with the BBk and the OeNB on Monetary Policy Implementation.

Structural Issues and Economic Integration

Structural topics are experiencing an increasing interest. In 2018, we will repeat the JVI’s extremely popular Structural Reforms course, offered in collaboration with many of our Contributing Members and stakeholders. The BMF will again present their courses on Competitiveness, Growth and Crisis, Foreign Direct Investment Policies, Inclusive Growth (in cooperation with IMF), and Public Governance and Structural Reforms.

The JVI training includes three courses centered on supporting countries on their way to economic and monetary integration: Challenges for Candidate and Potential Candidate Countries in the EU and EMU Accession Process, jointly organized by the OeNB, BMF and the European Central Bank, Applied European Union Economic Policy related to the Economic and Monetary Union, organized by the European Commission, and Integration in Europe: European Union and Eurasian Economic Union, offered by the OeNB and BMF.

Statistics, Legal Issues and Other Topics

The 2018 JVI curriculum again features additional courses that complement the traditional macro-financial focus of most our offerings.

In the statistics area, the IMF will deliver courses on Compilation of Balance of Payment Statistics, Government Finance Statistics, National Accounts Statistics, Residential Property Price Indexes, and Securities Statistics. They will be complemented by the OeNB course on Monetary and Financial Statistics Collected and Compiled by the ESCB.

In the legal issues area, the IMF will offer courses on Corporate and Household Insolvency, Legal Aspects of International Financial Institutions, and Legal Framework for Central Banking.

The European Investment Bank will repeat its seminar on Investment and Investment Finance, while the World Bank will continue delivering courses in the area of debt management (Designing Government Debt Management Strategies, Implementing Government Debt Management Strategies, and Government Debt Management Performance Assessment Tool) and audit (Audit Training-of-Trainers and Internal Audit Training-of-Trainers).

The European Bank for Reconstruction and Development and the World Trade Organization will again deliver a number of specialized courses of interest in their respective areas of expertise.

Finally, reflecting a timely response to demand raised at last year’s meeting of training directors, the OeNB and the BBk will present a new joint course in March 2018 on HR Issues and Compliance for central banks.

Online Learning

While face-to-face training will constitute the core of the JVI’s activities, we also work with the IMF on the delivery of an increasing number of online courses. We should mention that successful completion of online courses will boost an applicant’s chances of being selected for face-to-face courses in Vienna.

Adam Gersl, Senior Economist, JVI

Note: In case a course is offered twice a year at the JVI, the hyperlink leads to the first delivery.

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