## Systemic Macro Financial Risk Analysis (MFRA)

## Source details

**Canonical URL:** [Systemic Macro Financial Risk Analysis (MFRA)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2024/mfrajv24-14)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/jv/2024/mfrajv24-14/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/jv/2024/mfrajv24-14/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/jv/2024/mfrajv24-14/bundle-manifest.json)

## Bibliographic details
- Session: JV 24.14
- Location: Vienna, Austria
- Dates: May 20-24, 2024 (1 week)
- Delivery method: In-person Training
- Primary language: English
- Status: Deadline passed

---

### Program overview and logistics
- Session No.: JV 24.14
- Location: Vienna, Austria
- Date: May 20-24, 2024 (1 week)
- Delivery Method: In-person Training
- Primary Language: English
- Presented by: Monetary and Capital Markets Department

### Target audience and qualifications
- Target Audience:
  - Officials from central bank financial stability departments
  - Officials from banking regulatory and supervisory bodies
  - Officials from ministries of finance
- Qualifications:
  - Participants are expected to have a degree in economics or finance
  - Experience with financial stability analysis is highly desirable

### Course content — topics and methods covered
- 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
- Vulnerabilities and risks of:
  - banks
  - nonbank financial institutions
  - non-financial corporates
  - households
  - 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
  - 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
- Analysis that can be carried out in data-constrained countries (illustrated by country case studies and workshops with spreadsheets)

### Course objectives — skills and capabilities upon completion
- Explain how to use balance sheet and market data to construct risk indicators to measure and monitor sector and systemic risk
- Summarize the tools and data needed for thorough monitoring of systemic risk
- Define data inputs, outputs, and applications of several types of systemic risk models, their pros, and cons, and how they relate to one other
- Build models that relate macro variables to the time series of risk indicators
- Analyze risk transmission and feedback between macro variables and risk indicators for:
  - banks
  - nonbank financial institutions
  - corporates
  - households
  - the sovereign
- Understand climate risk transmission channels
- Analyze sovereign-bank linkages

---


## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Core Elements of Banking Supervision (CBS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2027/cbsat27-10)
- [Advanced Government Finance Statistics (GFS-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/gfs-ace26-45)
- [Fiscal Sustainability (FS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fsce26-38)
- [Safeguards Assessments of Central Banks (SAC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/sacat26-30)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2024/mfrajv24-14_