Abstract: In recent years, the IMF has paid more attention to the research of macro-financial supervision and tried to apply macro-financial analysis to the Fund’s supervision work. This study reviews the progress of the IMF macro-financial analysis framework in the following four aspects. First, we introduce the background of the IMF macro-financial analysis framework. Second, we summarize the main contents of the framework of IMF macro-financial analysis, including the baselines and risk analyses. Third, we review the modeling tools and methods used in the IMF macro-financial analysis, including the Multi-Country macro econometric model, GVAR model, economic cycle and financial cycle analysis, DSGE models, bank stress tests, the balance sheet approach, indicator-based models, network analysis and sensitivity analysis. Finally, we discuss the applications of the macro-financial analysis framework to a few countries.

Full report ：WP No.20167 Macro-Financial Analysis A Review of IMF Methodologies.pdf