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A Model for Financial Programming

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  • Mr. Jan Giehm Mikkelsen

Abstract

This paper presents a simple simulation model that enables the formulation of a consistent growth-oriented, medium-term adjustment program. The applied version is available in Excel (using data for El Salvador) and can be used directly as a financial programming tool that provides a range of standard IMF performance criteria together with a complete set of consistent accounts for the real, monetary, public, and external sectors of the economy. Medium- and long-term growth considerations are incorporated through a neoclassical production function at the same time as monetary and fiscal policies are adjusted to satisfy the requirements for internal and external balance.

Suggested Citation

  • Mr. Jan Giehm Mikkelsen, 1998. "A Model for Financial Programming," IMF Working Papers 1998/080, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1998/080
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    References listed on IDEAS

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    1. International Monetary Fund, 1987. "Theoretical Aspects of the Design of Fund-Supported Adjustment Programs," IMF Occasional Papers 1987/007, International Monetary Fund.
    2. Mohsin S. Khan & Peter J. Montiel, 1989. "Growth-Oriented Adjustment Programs: A Conceptual Framework," IMF Staff Papers, Palgrave Macmillan, vol. 36(2), pages 279-306, June.
    3. Mr. R. B. Johnston, 1993. "Aspects of the Design of Financial Programs with the Adoption of Indirect Monetary Controls," IMF Policy Discussion Papers 1993/016, International Monetary Fund.
    4. Carmen M. Reinhart, 1990. "A Model of Adjustment and Growth: An Empirical Analysis," IMF Staff Papers, Palgrave Macmillan, vol. 37(1), pages 168-182, March.
    5. de Brouwer, Gordon & Ericsson, Neil R, 1998. "Modeling Inflation in Australia," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(4), pages 433-449, October.
    6. Chand, Sheetal K., 1989. "Toward a growth-oriented model of financial programming," World Development, Elsevier, vol. 17(4), pages 473-490, April.
    7. Fischer, Stanley, 1997. "Applied Economics in Action: IMF Programs," American Economic Review, American Economic Association, vol. 87(2), pages 23-27, May.
    8. Frenkel, Jacob A & Glyfason, Thorvaldur & Helliwell, John F, 1980. "A Synthesis of Monetary and Keynesian Approaches to Short-Run Balance-of-Payments Theory," Economic Journal, Royal Economic Society, vol. 90(359), pages 582-592, September.
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    Cited by:

    1. Ramaharo, Franck M., 2020. "A simplified macroeconomic framework," MPRA Paper 102086, University Library of Munich, Germany.
    2. Miladin Kovačević & Stojan Stamenković, 2010. "Methodological Basis for Macroeconomic Projections in Countries Exposed to Pressures and Shocks: Example of Serbia," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(2), pages 225-243, June.
    3. Akram, Q. Farooq, 2011. "Policy analysis in real time using IMF's monetary model," Economic Modelling, Elsevier, vol. 28(4), pages 1696-1709, July.
    4. Ulrich Fritsche, 1999. "Konzeptionelle Schwächen von IWF-Stabilisierungsprogrammen im Kontext der Asienkrise," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 68(1), pages 110-117.
    5. Nicolas Ponty, 2005. "Un modèle MAcroDYNamique des économies des pays membres de l’UEMOA : MADYN," Documents de travail 118, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
    6. Werner, Richard A., 2014. "Enhanced Debt Management: Solving the eurozone crisis by linking debt management with fiscal and monetary policy," Journal of International Money and Finance, Elsevier, vol. 49(PB), pages 443-469.
    7. Ramaharo, Franck M., 2021. "A simple macroeconomic framework for Madagascar," MPRA Paper 112092, University Library of Munich, Germany.

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