Unlike introductory texts, Volume 2 covers the arithmetic of sovereign debt. It teaches users how to model the debt-to-GDP ratio and calculate the "primary balance" needed to stabilize debt, including interest rate-growth differentials.
The resource compares various nominal anchors. Through exercises, users learn when a central bank should target the exchange rate (for open economies) versus monetary aggregates (for domestic-driven inflation). financial programming and policies volume 2 pdf
Assuming you manage to locate licensed training materials or equivalent lecture slides, here is a study plan to master Volume 2: Unlike introductory texts, Volume 2 covers the arithmetic
Volume 2 delves deep into how changes in domestic credit affect foreign reserves. You will learn how to derive the reserve flow equation and why "excessive credit creation" leads directly to a loss of reserves. Through exercises, users learn when a central bank
It is important to note that Volume 2 is often a restricted training document used in IMF Institute courses held in Washington, D.C., Singapore, Vienna, and Joint Regional Training Centers (e.g., JVI in Austria or AFRITACs in Africa).
Here are the legitimate pathways to access it: