OECD Codes of Liberalisation of Capital Movements and of Current Invisible Operations



Evaluating capital flow management measures used as macro-prudential tools

25/04/2016 - Earlier OECD research has shown that capital flow management measures that are used as macro-prudential measures, including currency-based restrictions applied to banks’ operations also with non-residents, have the intended negative impact on capital account openness as measured by covered interest parity indicators. But what is their impact as macro-prudential tools to improve resilience to financial stability risks? Access the full article


Report to the G20 on recent developments

16/04/2016 - This OECD report was presented at the G20 meetings in Washington on 13-15 April 2016. The report provides an update on recent developments concerning the OECD Code of Liberalisation of Capital Movements, in particular the launch of the review of the Code.


Keeping capital flows orderly

2/12/2015 - The global financial and economic crisis of 2008 left the international monetary system with vulnerabilities caused by volatile capital flows and spillovers from national policy responses, even if international co-operation helped to avoid the scale of restrictions on goods and capital flows that prolonged the Great Depression of the 1930s. The current policy environment has moved multilateral co-operation, openness and transparency to the top of the capital flow policy agenda. Access the full article


Legal texts

OECD Code of Liberalisation of Capital Movements

English - Français

Overview brochure - 汉语

Governance arrangements to allow non-OECD countries to join the Code


OECD Code of Liberalisation of Current Invisible Operations

English - Français


OECD Codes of Liberalisation of Capital Movements and Current Invisible Operations: Users' guide



Contributions to the G20

The G20 is discussing ways to help countries make the most of capital flows. The OECD’s Code of Liberalisation of Capital Movements is an important contribution to this debate.

April 2016: The OECD Code of Liberalisation of Capital Movements: OECD report to the G20

September 2015: OECD/IMF update on co-operation on approaches to macro-prudential and capital flow management measures

April 2015The OECD's approach to capital flow management measures used with a macro-prudential intent

June 2011: International capital flows: Structural reforms and experience with the OECD Code of Liberalisation of Capital Movements

Advisory Task Force

Created in 2012, the Advisory Task Force (ATFC) meets regularly to address questions relating to the heightened international co-operation and policy dialogue that the Codes are generating.

The ATFC examines specific measures by individual adherents with relevance to their obligations under the Codes. It assists in assessing the positions of non-OECD countries applying for adherence to the Codes. It consults with interested non-OECD countries on adherence to the Codes and other matters relating to the Codes.

The ATFC is composed of governmental experts from OECD countries,  non-OECD G20 and FSB Members, other non-OECD countries, as well as experts from relevant international organisations such as the IMF and the BIS.



Documents and links

Evaluating capital flow management measures used as macro-prudential tools, 2016

Currency-based measures targeting banks - Balancing national regulation of risk and financial openness, 2015

Keeping capital flows orderly - Article by Adrian Blundell-Wignall, 2015

Problems in the international financial system, 2014

South Africa's investment regime in relation to the Codes, 2014

Macro-prudential policy, bank systemic risk and capital controls, 2013

Capital controls on inflows, the global financial crisis and economic growth: evidence from emerging economies, 2013

Tokyo Roundtable on capital market reform in Asia, 4-5 April 2013

High-level seminar on capital flow management and liberalisation, 9 October 2012

FDI regulatory restrictiveness index

Making the most of international capital flows by Secretary-General Angel Gurría, 2012






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