{
  "title": "Exchange Rate Policy",
  "sourceUrl": "https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2024/erpjv24-17",
  "canonical": "https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2024/erpjv24-17",
  "overlayPath": "/en/capacity-development/training/icdtc/schedule/jv/2024/erpjv24-17/index.md",
  "summary": "Exchange Rate Policy Training Program Target Audience Junior to mid-level officials who work with exchange rate policy and analysis.",
  "publishDate": "2024-06-28",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Training Program presented by the Institute for Capacity Development covering exchange rate analysis and policy.\n- Session No.: JV 24.17\n- Deadline passed"
    },
    {
      "heading": "Logistics",
      "content": "- Location: Vienna, Austria\n- Date: June 3-14, 2024 (2 weeks)\n- Delivery Method: In-person Training\n- Primary Language: English\n- Interpretation Language: Russian\n- Target Audience: Junior to mid-level officials who work with exchange rate policy and analysis."
    },
    {
      "heading": "Qualifications",
      "content": "- Participants are expected to have an advanced degree in economics or equivalent professional experience.\n- Participants are expected to be comfortable with Microsoft Excel and Excel-based applications.\n- Participants are expected to have a working knowledge of EViews."
    },
    {
      "heading": "Course Content",
      "content": "- Key exchange rate concepts:\n  - real, nominal, bilateral, multilateral, spot, forward\n  - arbitrage conditions: UIP, law of one price, PPP, relative PPP\n  - role in achieving internal and external balance: adjustment to overall equilibrium under floating and fixed exchange rate regimes\n  - role in economic growth: undervaluation, Washington Consensus, the Balassa-Samuelson effect\n- Exchange rate policy and regimes:\n  - taxonomy, impossible trinity\n  - associated policy mix: monetary policy independence, financial stability, fiscal policy, capital controls\n- Practical problems in Developing and Emerging Market Economies:\n  - concerns of excessive volatility\n  - de jure vs. de facto regimes\n  - competitiveness, price stability\n  - exchange-rate pass-through\n  - targets and instruments\n- Transitions from rigid to flexible exchange rate regimes:\n  - motives; speed of transition\n  - need for deep and liquid domestic FX markets, derivatives markets\n  - coherent intervention policy, nominal anchor; transition sequence\n- FX interventions:\n  - sterilized or non-sterilized\n  - motivations, channels, effectiveness, instruments, tactics, policy communication\n- Currency crisis:\n  - causes, role of macroeconomic and prudential policies\n- Assessing reserve adequacy:\n  - ARA\n- External Balance Assessment:\n  - EBA\n- Early warning system"
    },
    {
      "heading": "Course Objectives",
      "content": "- Assess reserve adequacy with traditional and the IMF ARA metric.\n- Assess external balance position with EBA and EBA-lite methodologies.\n- Construct systems for early warning of currency crises using data on nominal exchange rates and international reserves.\n- Describe the exchange rate regime choice and how country-specific features could influence the choice."
    }
  ],
  "bullets": [
    "Training Program presented by the Institute for Capacity Development covering exchange rate analysis and policy.",
    "Session No.: JV 24.17",
    "Deadline passed",
    "Location: Vienna, Austria",
    "Date: June 3-14, 2024 (2 weeks)",
    "Delivery Method: In-person Training",
    "Primary Language: English",
    "Interpretation Language: Russian",
    "Target Audience: Junior to mid-level officials who work with exchange rate policy and analysis.",
    "Participants are expected to have an advanced degree in economics or equivalent professional experience.",
    "Participants are expected to be comfortable with Microsoft Excel and Excel-based applications.",
    "Participants are expected to have a working knowledge of EViews.",
    "Key exchange rate concepts:",
    "Exchange rate policy and regimes:",
    "Practical problems in Developing and Emerging Market Economies:",
    "Transitions from rigid to flexible exchange rate regimes:",
    "FX interventions:",
    "Currency crisis:",
    "Assessing reserve adequacy:",
    "External Balance Assessment:",
    "Early warning system",
    "Assess reserve adequacy with traditional and the IMF ARA metric.",
    "Assess external balance position with EBA and EBA-lite methodologies.",
    "Construct systems for early warning of currency crises using data on nominal exchange rates and international reserves.",
    "Describe the exchange rate regime choice and how country-specific features could influence the choice."
  ],
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  },
  "generatedAtUtc": "2026-09-29T17:17:20.224Z"
}