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Contents

1. Major concepts of the monetary programme
1.1 Net financing capacity
1.2 Nominal and operational flows
2. Calculating financing capacity
2.1 The current account and components of its financing
2.2 Net financing capacity of general government
2.3 Net financing capacity of the household sector
2.4 Net financing capacity of the corporate sector
2.5 The flow-of-funds matrix
3. Stages of constructing the monetary programme
3.1 Forecasting financing capacity
3.2 Consistency of data of the financing and income sides
3.3 Foreign exchange market intervention and its components
3.4 Flow of funds: consistency at the level of instruments
4. Forecasting monetary aggregates
4.1 Aggregate balance sheet of the banking sector
4.2 Balance sheet of the central bank
4.3 Rolling liquidity programme
Appendix 1: Flow-of-funds matrix
Appendix 2: Flow-of-funds matrix on the basis of 1999 values
Appendix 3: Stages of constructing the monetary programme
Appendix 4: Rolling liquidity programme
Appendix 5: Variables

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