## Macro-Financial Programming

_Departmental Papers, September 4, 2026_

## Source details

**Canonical URL:** [Macro-Financial Programming](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2026/09/03/macro-financial-programming-578368)

## Other formats

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## Bibliographic details
- 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

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### Summary and purpose
- 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.

### Analytical contributions
- 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.

### Institutional and collaborative context
- 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.

### Applicability and intended users
- Targeted at IMF country teams conducting surveillance, lending, and capacity development.
- Relevant to analyses involving commercial banks, credit dynamics, financial institutions, and macrofinancial analysis.

### Key descriptors and topics covered
- 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.

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## Content in this bundle

- **Macro-Financial Programming; Departmental Paper No. 26/16; September 2026**
  - [Macro-Financial Programming; Departmental Paper No. 26/16; September 2026 (Markdown version)](/-/media/files/publications/dp/2026/english/mfpea.pdf.md){rel="alternate" type="text/markdown"}
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_Source: https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2026/09/03/macro-financial-programming-578368_