Investment policy

2nd International Capital Flows and Financial Policies Workshop


25-26 October 2021  Paris, France

2nd Joint Bank of England-Banque de France–IMF–OECD-Banca d'Italia Workshop on International Capital Flows and Financial Policies

The risks and benefits of cross-border capital flows, and their impact on domestic economies, have been the subject of extensive policy and academic debate. Capital flow dynamics during the pandemic have once again highlighted the policy challenges arising from global financial market integration. The spread of the COVID-19 virus was associated with sharp movements in capital flows. Such volatility was amplified by a marked tightening in financial conditions, including strains in US dollar funding markets. Understanding these episodes of market turmoil and monitoring recent trends in international capital flows, such as the growing importance of more volatile flows from non-bank financial intermediaries, is key for appropriate policy responses.

The workshop brought together academics and policy makers to deepen our understanding of global capital flows. Banca d’Italia joined the organising committee in 2021 as part of its activities under the Italian G20 Presidency.

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Call for papers - June 2021


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25 October 2021


Opening remarks

Sylvie Goulard, Deputy Governor, Banque de France


Session 1: Distributional Effects and Drivers of Capital Flows

Chair: Valerio Nispi Landi, Banca d'Italia

Eugenia Andreasen (University of Chile), Sofía Bauducco (Central Bank of Chile), Evangelina Dardati (Centro de Estudios Públicos) and Enrique G. Mendoza (University of Pennsylvania and NBER)
15:05 Discussion: Fadi Hassan (Banca d’Italia, CEP and CEPR)
15:15 Q&A


“Why Does Capital Flow from Equal to Unequal Countries?”

Sergio de Ferra (University of Oxford and CEPR), Federica Romei (University of Oxford and CEPR) and Kurt Mitman (Stockholm University and CEPR)


Discussion: Anusha Chari (University of North Carolina at Chapel Hill, NBER and CEPR)




Coffee break


Policy Panel: The Changing Landscape of Capital Flows. New Patterns, Actors and Regulatory Aspects


Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, IMF
Claudia M. Buch, Vice-President, Deutsche Bundesbank

Sir Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England

Luigi Federico Signorini, Deputy Governor, Banca d’Italia

Moderator: Mathilde Mesnard, Acting Director, Directorate for Financial and Enterprise Affairs, OECD

17:30  End of first day of the meeting

 26 October 2021


Session : Spillovers through Global Financial Cylces and Networks

Chair: Martin Kaufman, IMF


Leaning against the Global Financial Cycle

Andrea Ferrero (Oxford University and CEPR), Maurizio Michael Habib (ECB), Livio Stracca (ECB) and Fabrizio Venditti (Banca d’Italia)


Discussant: Deniz Igan (IMF)





“Risk Sharing and Amplification in the Global Financial Network
Leslie Sheng Shen (Federal Reserve Board) and Tony Zhang (Federal Reserve Board)


Discussion: Iñaki Aldasoro (BIS)

15:45 Q&A
15:50 Coffee break

Session 3: Policies for Capital Flow Management and Covid-19

Chair: Pierre-François Weber, Banque de France

16:05  Asset Purchases as a Remedy to the Original Sin Redux

Yasin Mimir (Norges Bank) and Enes Sunel (OECD)


Discussion: Alessandro Rebucci (Johns Hopkins University, CEPR and NBER)

16:40 Q&A

“Capital Markets, COVID-19 and Policy Measures
Martina Hengge (IMF) and Khalid ElFayoumi (IMF)


Discussion: Stefan Goldbach (Deutsche Bundesbank)

17:20 Q&A
17:25  End of second day of the meeting


Documents and links

OECD Code of Liberalisation of Capital Movements


Review of the OECD Code of Liberalisation of Capital Movements


Evaluating capital flow management measures



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