{
  "title": "Macro-Financial Programming",
  "publication": "Departmental Papers, September 4, 2026",
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  "summary": "The paper introduces practical extensions to IMF macroeconomic frameworks that incorporate banking-sector dynamics and macro-financial feedbacks, helping country teams better assess how financial conditions affect the real economy.",
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    {
      "heading": "Summary and purpose",
      "content": "- Introduces practical extensions to IMF macroeconomic frameworks that incorporate banking-sector dynamics and macro-financial feedbacks.\n- Aims to help country teams better assess how financial conditions affect the real economy by linking macroeconomic developments, banks' lending capacity, credit growth, and economic activity.\n- Seeks to strengthen the Fund's surveillance, lending, and capacity development efforts."
    },
    {
      "heading": "Analytical contributions",
      "content": "- Integrates banking-sector dynamics into macroeconomic frameworks to capture macro-financial linkages.\n- Explicitly links: macroeconomic developments; banks' lending capacity; credit growth; and economic activity.\n- Advances macro-financial integration efforts at the IMF by building on recommendations from recent surveillance reviews."
    },
    {
      "heading": "Institutional and collaborative context",
      "content": "- Developed through a collaborative effort across MCM, RES, and SPR.\n- Positions the paper as part of the IMF’s broader efforts to improve macro-financial integration."
    },
    {
      "heading": "Applicability and intended users",
      "content": "- Targeted at IMF country teams conducting surveillance, lending, and capacity development.\n- Relevant to analyses involving commercial banks, credit dynamics, financial institutions, and macrofinancial analysis."
    },
    {
      "heading": "Key descriptors and topics covered",
      "content": "- Subject: Commercial banks; Credit; Economic sectors; Financial institutions; Financial sector; Financial sector policy and analysis; Macrofinancial analysis; Money.\n- Keywords: annex table; banking sector; credit dynamics; credit indicator; financial accelerator; financial programming; IMF article IV; IMF Financial Soundness Indicators; IMF Library; income statement; lending space; macro-financial feedback; macro-financial linkages.\n\n---\n\n Content in this bundle\n\n- Macro-Financial Programming; Departmental Paper No. 26/16; September 2026\n  - Macro-Financial Programming; Departmental Paper No. 26/16; September 2026 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Macro-Financial Programming; Departmental Paper No. 26/16; September 2026 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2026/09/03/macro-financial-programming-578368"
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    "Authors: Selim A Elekdag, Alejandro D Guerson, Emanuel Kopp, Yurii Sholomytskyi",
    "Published: September 4, 2026",
    "Series: Departmental Papers",
    "DOI: https://doi.org/10.5089/9798229053143.087",
    "Introduces practical extensions to IMF macroeconomic frameworks that incorporate banking-sector dynamics and macro-financial feedbacks.",
    "Aims to help country teams better assess how financial conditions affect the real economy by linking macroeconomic developments, banks' lending capacity, credit growth, and economic activity.",
    "Seeks to strengthen the Fund's surveillance, lending, and capacity development efforts.",
    "Integrates banking-sector dynamics into macroeconomic frameworks to capture macro-financial linkages.",
    "Explicitly links: macroeconomic developments; banks' lending capacity; credit growth; and economic activity.",
    "Advances macro-financial integration efforts at the IMF by building on recommendations from recent surveillance reviews.",
    "Developed through a collaborative effort across MCM, RES, and SPR.",
    "Positions the paper as part of the IMF’s broader efforts to improve macro-financial integration.",
    "Targeted at IMF country teams conducting surveillance, lending, and capacity development.",
    "Relevant to analyses involving commercial banks, credit dynamics, financial institutions, and macrofinancial analysis.",
    "Subject: Commercial banks; Credit; Economic sectors; Financial institutions; Financial sector; Financial sector policy and analysis; Macrofinancial analysis; Money.",
    "Keywords: annex table; banking sector; credit dynamics; credit indicator; financial accelerator; financial programming; IMF article IV; IMF Financial Soundness Indicators; IMF Library; income statement; lending space; macro-financial feedback; macro-financial linkages.",
    "**Macro-Financial Programming; Departmental Paper No. 26/16; September 2026**"
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