Training Catalog Topic

This online course, presented by the Institute for Capacity Development, introduces participants to the fundamentals of financial analysis that are in the toolkit of policy makers. These tools are used to study the characteristics of various financial instruments and their pricing, analyze portfolios of assets, gaining familiarity with the basics of risk management. Mastery is essential for participants who wish to participate in more advanced and policy-oriented IMF courses in financial or macrofinancial areas. The FMAx course covers, among other topics, the pricing of fixed-income securities and equity; the term structure of interest rates; portfolio allocation and diversification; and an introduction to risk management.

This course, presented by the Institute for Capacity Development, is designed to give participants a foundation in central bank digital currencies. This course assesses the business case for CBDC adoption from the perspective of users and central banks. Following some motivations and introductory remarks on digitalization, the course discusses the different forms of CBDCs and presents considerations for CBDC design and a conceptual framework. The course presents the benefits, costs and risks related to CBDCs. In addition, CBDCs are studied in terms of their implications for financial stability and bank intermediation, the monetary policy transmission, and financial inclusion. Some time is devoted to regulatory considerations, both at the national and international level. Case studies allow participants to reflect on and discuss country experiences and test their understanding of how and why some strategies have been successful while some countries have chosen not to proceed with the implementation of CBDCs yet. 

This course, presented by the Institute for Capacity Development, explains the macroeconomic relevance of financial development and inclusion. Beginning with an analysis that defines the role of finance in the economy, the course presents a framework for financial market development; identifying the main players and instruments, as well as highlighting the obstacles that could impede the development of such markets as well as policies that encourage the development of financial markets. The course introduces financial inclusion as an integral dimension of financial development—a perspective that has only recently received attention. The course reviews the indicators currently used to measure financial inclusion, its macroeconomic impact, and the main policy strategies usually pursued to encourage inclusion. The course makes use of extensive case studies, groupwork and workshops to ensure that participants are gain practical experience that is useful for their jobs. 

This course, presented by the Institute for Capacity Development, begins with an overview of financial risks and how they are transmitted within and between the financial system and the real sector. Participants then examine the design and impact of financial sector policies to mitigate assessed vulnerabilities starting with the rationale for micro-prudential and macroprudential policies. The interactions between macroeconomic and macro-prudential policies are also discussed. Although the emphasis is on preventive strategies, the course also discusses policies to manage situations of financial distress and contingency planning. The combination of lectures, case studies, and hands-on workshops allows participants to discuss and experiment with various policies to gauge their outcomes, intended and unintended. Those who are primarily interested in risk assessment are referred to the Financial Sector Surveillance course, where the focus is primarily quantitative.

This course, presented by the Institute for Capacity Development, introduces participants to key concepts and tools used in the identification and assessment of financial sector vulnerabilities and sources of strength. The course provides a basic toolkit to assess financial sector risks and measure them against existing capital and liquidity buffers in the financial system. The discussions focus on the early identification of unwarranted macro-financial imbalances and the analysis of the transmission of financial distress across institutions, markets, and economic sectors, with the objective of reducing the likelihood and the severity of financial crises. A combination of lectures and hands-on workshops allows participants to apply essential risk assessment techniques.

This course, presented by the Institute for Capacity Development, is designed to give participants a foundation in understanding new financial technologies (fintech) and the associated policy implications. After an overview of the fintech landscape, the course will focus on several areas that are rapidly developing in recent years: fintech payments, fintech funding, crypto assets and decentralized finance. It will discuss risks arising from fintech developments in these areas and explore possible policy responses.  In addition to lectures, the course makes use of extensive case studies and group work to ensure that participants could gain practical experience that is useful for their jobs. 

This course, presented by the Institute for Capacity Development, is designed to give participants a foundation in financial instruments beyond the standard treatment of bonds and equity covered in the FMAx course. After a short review, the course covers forwards, futures, swaps, and options and then combines these building-block instruments with practical applications. The course also devotes time for policy implications, notably related to regulation of financial markets, though a separate course devoted to financial sector policies is recommended for those interested in this topic. Lectures introduce the underlying theory, while workshops and case studies allow participants to apply the knowledge and to test their understanding of how and why some strategies are used. Also highlighted is misuse of financial instruments, which can lead to large losses and financial instability. Participants are expected to prepare final presentations on a set of predetermined current financial market issues.

This course, presented by the Monetary and Capital Markets Department, provides a comprehensive overview of conceptual and operational issues related to the restructuring and resolution of weak and failing banks. Among the topics discussed during the course are:

• identification and supervision of weak banks: common causes of banking problems and how to identify them, as well as early intervention tools and supervisory approaches for dealing with weak banks;
• operational preparedness: institutional foundations of the financial safety net and inter-agency coordination; building blocks of effective resolution regimes (guided by the Financial Stability Board’s Key Attributes of Effective Resolution Regimes); recovery and resolution planning; initiatives to test operational preparedness; and the role of deposit insurance and depositor preference;
• crisis containment: liquidity support, government guarantees, and exceptional administrative measures to stop persistent liquidity outflows;
• bank restructuring and resolution: initiation of resolution proceedings; resolution options for systemically important and non-systemic banks; cross-border resolution; system-wide diagnostics and restructuring strategies; and policy considerations and instruments for public capital support;
• dealing with distressed assets: market failures and policy reforms; approaches for resolving nonperforming loans—supervisory policies, insolvency and debt enforcement, distressed asset markets and the role of asset management companies.
   

The structured online course is jointly organized by the Monetary and Capital Markets Department of the International Monetary Fund (IMF) and the Financial Stability Institute (FSI) of the Bank for International Settlement, in collaboration with the International Association of Deposit Insurers. This course consists of live webinars as well as self-study, web-based materials from FSI Connect and the IMF. The online training will:

• explore the common drivers for bank failures and introduce participants to the international standards on bank resolution regimes, including how these can be proportionally implemented;
• enhance understanding of the main resolution tools and develop skills on how these can be applied in the case of bank failures;
• introduce participants to the most important elements of resolution planning, resolution strategies and resolvability of banks, contingency planning, enhance awareness about the roles of both home and host authorities in this process and introduce modalities for their international cooperation;
• familiarize participants with international standards on Deposit Insurance Schemes (DIS), the most important modalities of DIS (including types of DIS and depositor preference), the way DIS can be combined with resolution tools, and the proportional implementation of DIS; and
• enhance understanding about the relevant processes that need to be in place to make bank resolution operational, introducing vital topics such as funding in resolution, loss absorbing capacity and operational preparedness for resolution actions. 
   

The structured online course is jointly organized by the Monetary and Capital Markets Department of the International Monetary Fund (IMF) and the Financial Stability Institute (FSI) of the Bank for International Settlement (BIS). This course consists of live webinars as well as self-study, web-based materials from FSI Connect and the IMF. It covers the following key topics: 

• Core Principles for Effective Banking Supervision; 
• Regulatory Capital; 
• Risk Weighting Framework; 
• Other Prudential Requirements; and 
• Supervisory Tools and Techniques. 

This course, presented by the Institute for Capacity Development, is designed to give participants a foundation in central bank digital currencies. In this course, we will assess the business case for CBDC adoption from the perspective of users and central banks.  After some motivations and introductory remarks on digitalization, the course will discuss the different forms of CBDCs, and present considerations for CBDC design and a conceptual framework.  The course will present the benefits, costs and risks related to CBDCs.  In addition, CBDCs will be studied in terms of their implications for financial stability and bank intermediation, the monetary policy transmission, financial integrity, and financial inclusion.  Some time will be devoted to regulatory considerations, both at the national and international level. Case studies will allow participants to reflect on and discuss country experiences, and test their understanding of how and why some strategies have been successful while some countries have chosen not to proceed with the implementation of CBDCs. In a longer (face to face) version of the course, participants would be expected to prepare final presentations on a set of predetermined issues.

This course, presented by the Monetary and Capital Markets Department, offers a comprehensive introduction to the key conceptual and operational aspects of bank regulation and supervision. The course covers the supervision and regulation of the key banking risks (credit, liquidity, market, and operational risks) in the context of the Basel Core Principles and risk-based supervision. Participants will gain practical experience through workshops, case studies, and exercises simulating real-world supervisory scenarios, enhancing their understanding of banking supervision and international standards. The course includes updates on the latest regulatory developments. The course emphasizes interactive learning, encouraging participants to share their insights and experiences. Special addresses by guest speakers provide additional perspectives and enhance the learning experience. 

This course, presented by the Monetary and Capital Markets Department, reviews the latest developments in banking supervision and regulation, including the capital adequacy standards, the liquidity measurement rules, interest rate risk in the banking book, large exposures, related party transactions, and operational resilience. The course also addresses evolving policy views and approaches. Sessions focus on aspects of particular relevance to each region and discuss both the main implementation challenges and their implications for banks and supervisory authorities. Interactive elements, such as case studies and workshops, are designed to provide practical insights and foster knowledge sharing among participants.

This course, presented by the Monetary and Capital Markets Department and PFTAC, explains the key elements of cyber risk and cyber risk management; the components of good practice cyber risk regulations; and how to undertake an assessment of the risk on-site at supervised financial institutions. The course also covers effective on-site examination structure and procedure and provides an overview of general financial sector IT risk concepts. Case studies and hands-on exercises are provided to enhance the effectiveness of the course. Participants are expected to share their own experiences and views on the assessment of cyber risk and on-site examination in general.

This course, presented by the Monetary and Capital Markets Department, provides an introductory to intermediate level of training on cyber risk regulation and supervision to non-specialist financial sector supervisors. The course: (i) reviews recent trends in the technology adopted by supervised entities, the evolving threat landscape and their implications for cyber risk and financial stability; (ii) outlines the key elements of cyber risk regulations; (iii) discusses supervisory approaches and tools; and (iv) presents key cybersecurity concepts, covering governance, risk assessment, and information sharing, based on international standards and best practices. Sessions will focus on providing practical lessons and tips that can be used by regulators and supervisors, as part of their daily supervisory activities. The sessions will be instructional and interactive through group exercises, case studies, role plays, and information sharing discussions.  

As the reliance of the financial sector on information technology and the interconnectedness of systems continue to rise, cybersecurity has become a financial stability risk. Financial supervisors need to understand the nature of risk, learn the essential concepts of cyber risk management, and acquire basic skills needed for effective regulation and supervision. To this end, the course will lay out the cyber risk landscape for financial institutions, core principles of sound risk management based on the understanding of IT architectures, and approaches to regulations and effective supervisory practices.

This course, presented by the Monetary and Capital Markets Department, provides capacity building for debt managers on sound practices in debt management, debt reporting, and investor relations to support debt management operations and improve public debt transparency. The course uses the Revised Guidelines for Public Debt Management as the foundation for discussing the key requirements and benefits of publishing comprehensive, accurate, and timely debt data, including through regular debt reports or bulletins. Officials are trained on the importance of transparency for effective investor relations, market development, and sound debt management. The course enhances the capacity of the government to efficiently support public debt management through debt reporting and investor relations practices grounded in core debt management principles.

This course, presented by the Monetary and Capital Markets Department, covers an array of issues related to the development of local government bond markets. The recently revamped course is structured based on the new diagnostic on Guidance Note for Developing Government Local Currency Bond Markets jointly prepared by the IMF and World Bank. Officials are trained on the relevant macro-financial environment and key building blocks related to Money Market, Primary Market, Secondary Market, Investor Base, Legal and Regulatory Framework, and Market Infrastructure that support market development. The course helps to develop a deeper understanding of the interlinkages between each building block and the associated challenges around their development. Based on a set of metrics on outcome and policy indicators, participants are trained to undertake a self-assessment on the stage of market development for the building blocks to identify the gaps and key constraints. 

This course, presented by the Monetary and Capital Markets Department, provides an in-depth exploration of e-money and mobile payments by examining their developments around the globe, pre-conditions, business model, platforms and technologies including NFC, Quick Response (QR) codes, and mobile wallets, benefits to the economy and risks, prudential regulations, and contingency planning. The course is designed to be interactive by using a combination of lectures, case studies/simulations, group or individual presentations, and panel discussions. The self-assessment exercises are based on targeted procedures and include use cases, elements, business models, risks, and regulations. Participants, after gaining a basic understanding of e-money and mobile payments, apply them to a hypothetical country case study to clarify/formulate an overall fintech payment strategy and action plan. After the hands-on self-assessment experience, results are discussed through group presentations and de-briefings. 

This course, presented by the IMF’s Monetary and Capital Markets Department in collaboration with the Yale Program on Financial Stability and the JVI, provides a comprehensive overview of conceptual and operational issues related to the restructuring and resolution of weak banks. Among the topics discussed during the course are:

• Identification and supervision of weak banks: common causes of banking problems and how to identify them as well as early intervention tools and supervisory approaches for dealing with weak banks;
• Operational preparedness: institutional foundations of the financial safety net and inter-agency coordination; building blocks of effective resolution regimes (guided by the Financial Stability Board’s Key Attributes of Effective Resolution Regimes); recovery and resolution planning; initiatives to test operational preparedness; and the role of deposit insurance and depositor preference;
• Crisis containment: liquidity support, government guarantees, and exceptional administrative measures to stop persistent liquidity outflows;
• Bank restructuring and resolution: initiation of resolution proceedings; resolution options for systemically important and non-systemic banks; cross-border resolution; system-wide diagnostics and restructuring strategies; and policy considerations and instruments for public capital support;
• Dealing with distressed assets: market failures and policy reforms; approaches for resolving nonperforming loans—supervisory policies, insolvency and debt enforcement, distressed asset markets and the role of asset management companies.

The course draws on lessons learned from past crisis management strategies in crisis countries and has a strong applied focus, as reflected by numerous mini case studies, workshops and a crisis simulation group assignment that are integrated into the course.

The course includes in-person attendance of a one-day SUERF-OeNB-JVI-Yale Program on Financial Stability Conference on “Building Resilience and Managing Financial Crises” in Vienna on Wednesday, 18 September.
 

This course, presented by the Institute for Capacity Development, outlines the macroeconomic relevance of financial development and financial inclusion. Beginning with an analytical framework that defines the role of finance in the economy, the course reviews the conceptual and empirical literature on the impact of finance on macroeconomic performance and growth. It also addresses key policy issues to encourage financial development (market-enabling policies) and limit its potential destabilizing effects (market-harnessing policies). The course introduces financial inclusion as an integral dimension of financial development—a perspective that has only recently received proper attention, as the discussion for many years revolved around the concept and measure of financial depth. The course reviews the indicators currently used to measure financial inclusion, the distinct macroeconomic impact of financial inclusion, and the main policy strategies that have been pursued.

This course, presented by the Monetary and Capital Markets Department, focuses on the Principles for Financial Market Infrastructures (PFMI). The course is designed to be interactive by using a combination of lectures, case study simulations, group or individual presentations, and panel discussions. Lectures focus on the 24 principles and 5 responsibilities for authorities under the PFMI, the Disclosure Framework, and Assessment Methodology, and topical issues on cyber resiliency, distributed ledger technology, and relevant digital innovations. Participants, after gaining a basic understanding of the standards, apply them to a hypothetical country to assess the level of compliance of its payment system, securities settlement system, and central securities depository. The self-assessment exercises are based on targeted principles. After the hands-on self-assessment experience, results are discussed through group presentations and de-briefings. 

This course, presented by the Monetary and Capital Markets Department (MCM), discusses recent developments in stress testing for banks, insurance companies and mutual funds. The course is also adapted to regional specificities, such as the one offered for the Middle East and Northern Africa (MENA) region includes analysis of Islamic finance. This course gives participants the opportunity to learn and apply new tools used or created by MCM for purposes of stress testing and systemic risk analysis. New, emerging topics in stress testing, such as feedback loops between real and financial sectors, asset fire-sales, climate, systemwide liquidity and fintech related risks are also covered. Some of the tools are integral to the Financial Sector Assessment Program (FSAP) and technical assistance missions. Moreover, the course allows participants to share their experiences on stress testing methodologies and financial stability analysis. In many cases, guest speakers from industry are also invited to discuss specific topics. The course reviews stress testing objectives, methodologies, techniques, and good practices. Much of the course consists of hands-on modules that expose participants to the entire stress testing cycle: from entering data and estimating macro-financial models to designing scenarios, selecting assumptions, running tests, integrating feedback loops between financial and real sectors, communicating the results, and incorporating them in policy decision making, for example, by informing the calibration of capital and liquidity buffers.

Throughout the course, the focus is on the scenario design, solvency and liquidity elements of the stress testing exercise and their interactions. The course concludes with a roundtable discussion where participants exchange knowledge and share country experiences.

Presented by the IMF Monetary and Capital Markets Department, this advanced course addresses recent advances in stress testing for banks and some nonbank financial intermediation. It allows participants to master new tools designed or adopted by MCM for macroprudential stress testing and systemic risk assessment.
The course also delves into cutting-edge topics in stress testing, encompassing the feedback loops between the real economy and financial sectors, systemwide risk analysis, the implications of climate change, and other emerging risks. Moreover, the program features guest speakers from the industry, who bring their expertise to illuminate specific areas of interest.
This course offers a comprehensive examination of the principles, methodologies, and best practices underpinning stress testing. These discussions are complemented by hands-on sessions on prototype tools that play a pivotal role in the Financial Sector Assessment Program (FSAP) and support technical assistance missions globally. Practical hands-on modules guide participants through the full spectrum of the stress testing process including data input, the estimation of macro-financial models, scenario development, assumption selection, calibration of satellite models, execution of fully-fledged stress tests, and selected amplification channels through interconnectedness and macro-financial linkages.
Furthermore, the course addresses the critical aspect of how to effectively communicate stress testing outcomes. It explores the use of these results in practical scenarios and their integration into the policy-making process. The program concludes with a roundtable discussion, offering a platform for participants to exchange insights and share the experiences of their respective countries.

This course, presented by the Monetary and Capital Markets Department, is intended to strengthen participants capacity to manage sovereign debt risk and broaden their awareness of the costs and risks of new debt instruments when preparing a debt management strategy. Emphasis is placed on the challenges that debt managers face in debt market development, including in the primary and secondary bond markets. These issues are discussed in the context of important changes in global debt markets and the macroeconomic environment. The course combines case studies and hands-on exercises to give practical relevance to the theory presented. The following topics are considered:

• a framework for the identification and management of sovereign debt risks;
• accounting for the broader public debt portfolio, including public private partnerships (PPPs) and contingent liabilities;
• new debt instruments and their features, including cost-risk characteristics;
• measuring currency, interest rate and refinancing risks;
• evaluating the resilience of the debt portfolio to external and market shocks;
• utilizing sound medium-term debt management strategy to effectively manage risk; and
• issuance strategies that promote debt market development.

This course, presented by the Monetary and Capital Markets Department, aims at building capacity in developing and implementing a sound medium-term debt management strategy (MTDS). Officials are trained on the joint IMF-WB MTDS framework, which is useful for illustrating government cost and risk tradeoffs associated with different debt management strategies and managing the risk exposure embedded in a debt portfolio, in particular, the potential variation in debt servicing costs and its budgetary impact. Officials analyze cost-risk trade-offs of alternative debt management strategies, utilizing the MTDS analytical tool (MTDS AT) developed by the IMF and WB, taking into account the composition of the debt portfolio, macroeconomic indicators, market conditions, potential sources of financing, and the linkages with the broader medium-term macroeconomic framework. 

This course, presented by the Monetary and Capital Markets Department, aims at building capacity in developing and implementing a sound medium-term debt management strategy (MTDS). Officials are trained on the joint IMF-WB MTDS framework, which is useful for illustrating government cost and risk tradeoffs associated with different debt management strategies and managing the risk exposure embedded in a debt portfolio, in particular, the potential variation in debt servicing costs and its budgetary impact. Officials analyze cost-risk trade-offs of alternative debt management strategies, utilizing the MTDS analytical tool (MTDS AT) developed by the IMF and WB, taking into account the composition of the debt portfolio, macroeconomic indicators, market conditions, potential sources of financing, and the linkages with the broader medium-term macroeconomic framework.

This course, presented by the Monetary and Capital Markets Department, explains various aspects of, and issues related to, asset classification and provisioning, both from the prudential regulatory perspective and the perspective of accounting/IFRS. It also explores the role of the supervisor in reconciling differences between the two perspectives. In addition to covering loan loss provisioning principles and the requirements of the Basel Committee on Banking Supervision (BCBS), the course discusses IFRS 9’s expected credit loss (ECL) recognition principles and related IFRS requirements. The course also tackles IFRS 9 implementation issues, including those related to the impact of  COVID-19. Case studies and hands-on exercises are provided to enhance the effectiveness of the course. Participants are invited (and should be prepared) to share their own experiences and views on this topic.

This course provides an overview of the Quantitative Model for the Integrated Policy Framework (QIPF) and shows how it can be applied to address pressing policy questions. It first discusses the model's theoretical underpinnings and relates them to key principles of current Fund advice, focusing on monetary policy tradeoffs and the design of policies mitigating macroeconomic and financial instability, including the application of macroprudential policy tools. Of particular interest will be to study the interaction between interest rate, FX interventions, capital flow measures and macroprudential policy tools. The course shall also demonstrate how estimation can be used to account for country-specific characteristics, and how estimation outputs can be used to help interpret economic developments. Finally, a number of applications will additionally showcase how the QIPF can be used to build macroeconomic and financial crisis scenarios designed to provide quantitative answers to practical policy questions.

This course, presented by the Monetary and Capital Markets Department, aims to build capacity on key quantitative concepts in fixed income for debt managers, and for undertaking debt management operations. It is designed to enable participants to improve their analysis of potential financing options and be able to evaluate the pricing of loans and securities. In addition, the course will help debt managers to understand relevant quantitative techniques in liability management operations, and options for developing and publishing yield curves when pursuing a benchmark issuance strategy.

This course, presented by the Monetary and Capital Markets Department, covers the fundamentals and goals of risk-based supervision (RBS), its challenges, and factors central to its success. Through a mix of lectures and practical applications, the course covers the main RBS components and steps for implementation. Guidance is provided on using risk-based assessment and rating to help supervisors decide relevant supervisory priorities and early intervention measures to address bank fragilities. The course begins by introducing the RBS approach and challenges for effective implementation of RBS in prudential regulations and supervisory processes. The focus then turns into presenting RBS assessment methodologies of banks’ financial soundness, with highlights on governance and risk management frameworks, as well as various risk domains (credit, liquidity, market, and operational), referring to existing supervisory bank-rating models for illustration.

This course, presented by the Monetary and Capital Markets Department, examines selected issues in the evolving financial regulatory framework and takes a critical look at the evolving framework for banks. Topics include Basel III capital requirements, including the countercyclical capital buffer and buffers for systemically important banks, leverage and liquidity requirements, as well as macroprudential policies, regulation and supervision of climate-related financial risks, regulatory challenges around fintech, and ongoing international regulatory discussions. The course pays special attention to proportionality in bank regulation and supervision. It identifies the main operational issues and challenges when implementing the Basel framework and provides practical guidance. The training sessions are interactive, using case studies and group activities. Participants are invited to make presentations on selected topics that reflect their country experiences. 

This course, presented by the Monetary and Capital Markets Department, is designed to be interactive by using a combination of lectures, case studies, and discussions. The course focuses on the regulation and supervision of technology enabled innovation in financial services (fintech), key global developments, the use of new institutional arrangements such as innovation hubs and sandboxes, the growth of supervisory and regulatory technology (RegTech/SupTech), the implications of BigTech in financial services, the regulation and supervision of e-money, and the growth of emerging technologies like artificial intelligence and new business models like banking-as-a-service. The course has a specific focus on helping authorities understand and implement global standards on crypto assets including stablecoins. The course includes practical case studies providing participants with the opportunity to put learnings into practice through group exercises and presentations. 

This course, presented by the IMF Monetary and Capital Markets Department, is intended to broaden participants’ understanding of the main policy and operational issues in sovereign risk management, techniques used for active debt operations and debt market development, and sustained capital market access. Emphasis is given to the risk measurement of a bonded debt portfolio in the context of a sovereign’s overall balance sheet (assets and liabilities). The course specifically focuses on the lessons from the global financial and economic crisis for managing sovereign risk, public debt, and the interface with capital markets and financial stability. The course considers the following: „„

• Effective organizational arrangements;
• coordination with key policy areas, including monetary and fiscal policy;
• building blocks for a framework for sovereign liability management, including objectives and identification of risks, and accountability;
• technical and operational aspects of risk management;„„
• identifying and monitoring sovereign risk, and good principles for stress testing a sovereign debt portfolio;
• measuring key portfolio risks, including currency, interest rate, and refinancing exposures;
• technical and implementation aspects of developing a medium-term debt management strategy; and
• formulating debt issuance strategies taking account of the link between debt management and debt sustainability analysis.

This course, presented by the Monetary and Capital Markets Department, provides a comprehensive overview of the theories, tools, and techniques necessary for thorough financial stability analysis. Topics include:

• Systemic risk assessment using a variety of models: their pros and cons, and how they are related;
• Tools for monitoring systemic risk: risk dashboard;
• Modeling links and feedback loops between macroeconomic variables and the financial sector, and vulnerabilities and risks of banks, nonbank financial institutions, non-financial corporates, households, and general government;
• Extracting information from firms’ balance sheets and market data;
• High level overview of macro-financial risk analysis using stress testing of banks and non-bank financial institutions, corporates, and households;
• High level overview of networks: contagion and interconnectedness analysis;
• Overview of climate risk analysis and stress testing;
• Analysis of country cases when comprehensive public and market data are available; and
• Analysis that can be carried out in data-constrained countries (illustrated by country case studies and workshops with spreadsheets).

This course, presented by the Monetary and Capital Markets Department, focuses on the decision-making framework and project management processes for CBDC. The course is designed to be interactive by using a combination of lectures, case studies/simulations, group or individual presentations, and panel discussions. Lectures focus on the CBDC decision-making process that should be viewed as dynamic and iterative with multiple feedback loops to gradually evaluate the relevance of CBDC. The self-assessment exercises are based on systematic procedures and cover use cases, pain points, requirements, solution, feasibility, proof of concepts, and pilots. Participants, after gaining a basic understanding of the decision-making process, apply them to a hypothetical country case study to understand thoroughly the problem to be solved and the full array of solutions. After the hands-on self-assessment experience, results are discussed through group presentations and de-briefings.