At the JVI we aim to offer a balanced set of courses that will appeal to public officials in government ministries and central banks throughout the region. Our hope is that we can facilitate career development by offering a mix of introductory, intermediate, and advanced topics in a range of subjects that are relevant for macroeconomic policy management.
In this article we offer some guidance on the 2019 training curriculum by breaking it down to different broad subject areas, with the aim of facilitating course selection. When deciding about a course, we recommend following the progression tables that categorize the courses offered by the IMF, JVI and Austrian Authorities by subject area, and which 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
The IMF will offer most of the JVI’s 2019 courses in this area, such as the well-established course on Financial Programming and Policies (next to the one in April, there will also be one in October), for which it is strongly recommended that applicants complete the online FPP courses (FPP.1x and FFP.2x) first before enrolling in this course. (These are now offered on a self-paced basis to accommodate work pressures participants may face.) Other highly-demanded courses include Macroeconomic Diagnostics (in March and also one in September), the advanced econometrics course on Macroeconomic Forecasting and Analysis and a highly-technical course on Monetary and Fiscal Policy Analysis with DSGE Models. In this area, the ICD curriculum also features more specific courses, such as 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 five weeks in duration, and targeted at younger staff members who show high promise for future advancement in their public sectors.
Financial Sector Issues
On financial market analysis and development, the IMF is offering courses on Financial Markets and Instruments and Financial Development and Financial Inclusion. There are two courses on financial stability monitoring and micro- and macro-prudential policies—Financial Sector Surveillance (in addition to the one in March there will also be one in July) and Financial Sector Policies. On top of that, the IMF will run a specialized IMF course on Systemic Macrofinancial Risk Analysis.
These courses are complemented by an OeNB course on Financial Stability and Supervisory Stress Testing for Banking Systems.
The JVI will continue delivering high-level courses with partner central banks such as the OeNB, Deutsche Bundesbank (BBk), the Bank of England (BoE), and the Banque de France (BdF) on Banking Supervision within the Basel Framework, Interaction of Monetary and Financial Stability Policies, and Financial Stability Policy of Central Banks, respectively.
In the fiscal area, the IMF will offer the courses on Fiscal Policy Analysis (next to the one in May there is also one in September), Fiscal Sustainability (next to the one in July there is also one in December) and Fiscal Frameworks, as well as the specialized offering on Medium-Term Budgetary Frameworks, Fiscal Rules and Fiscal Councils. The IMF will also deliver a workshop on Gender Budgeting.
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.
These courses will be complemented by World Bank courses on Subnational Debt and Fiscal Management, Assessing and Managing Credit Risk from Contingent Liabilities: A Focus on Government Guarantees, and Fiscal Sustainability and Fiscal Risks Analysis, which are however all by invitation only.
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. The JVI will again organize its joint course with the BBk and the OeNB on Monetary Policy Implementation.
We are very pleased and excited this year to offer a new joint course with the BBk on Monetary Policy Communication. Central bank communication strategies have evolved considerably with the widespread adoption of inflation targeting, and we very much expect this course to appeal to officials in number of JVI target countries.
Structural Issues and Economic Integration
Structural topics are always in high demand. In 2019, the IMF will offer its course on Inclusive Growth and—in collaboration with the BMF—the course on Tools and Policies for Inclusive Growth. The JVI will run the popular Structural Reforms course, offered in collaboration with many of our Contributing Members and stakeholders. The BMF will present their courses on Competitiveness, Growth and Crisis, Foreign Direct Investment Policies and Public Governance and Structural Reforms.
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 2019 JVI curriculum features additional courses that complement the traditional macro-financial focus of most of our offerings.
The IMF will deliver four statistical courses on Compilation of Balance of Payment Statistics, Advanced Course on Monetary and Financial Statistics, Statistics on International Trade in Goods and Services and Financial Soundness Indicators.
In the legal issues area, the IMF will offer courses on Corporate and Household Insolvency, Legal Aspects of International Financial Institutions, and Safeguards Assessments of Central Banks.
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), complemented by an IMF course on Medium-Term Debt Management Strategy.
The European Bank for Reconstruction and Development (EBRD) and the World Trade Organization (WTO) will again deliver a number of specialized courses of interest in their respective areas of expertise.
The OeNB will again offer the course on Financial Translation and Editing and, in cooperation with the BBk, the course on HR Issues and Compliance.
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 and Thomas Richardson, JVI