Investment policy

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


 In focus

20/01/2021 - Assessing the effectiveness of currency-differentiated tools | Highlights


23/12/2020 - Global policy responses to capital flow volatility


OECD Legal Instruments related to Capital Movements and Trade in Services

Adhered to by 38 countries, including twelve G20 countries, the Capital Movements Code is the sole binding multilateral agreement among State parties dedicated to openness, transparency and international cooperation on the full range of cross-border capital flows. The Current Invisibles Code covers current account transactions including cross-border trade in services. Adopted in 1961, the OECD Codes are key elements of the international framework for economic co-operation and founding legal instruments of the OECD. Since 2012, the Codes are open to adherence by non-OECD members and in 2019, a major review of the instruments was endorsed by OECD Ministers.

Code of Liberalisation of Capital Movements

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Read more about the 2019 review of the Code


Code of Liberalisation of Current Invisible Operations

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Conditions for establishment of subsidiaries and branches in the provision of banking services by non-resident institutions

User's guide

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

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OECD work on capital flows and their management

The OECD is an important contributor to global debates on international capital flows. How best to reap the benefits of capital flows while mitigating the risks associated with their volatility in a changing global financial system has been the focus of the Advisory Task Force (ATFC) since its creation in 2012. The ATFC is composed of governmental experts from OECD and non-OECD countries as well as experts from relevant international organisations such as the IMF and the WTO, and meets regularly to address questions relating to the heightened international co-operation and policy dialogue on capital flow management. The empirical research produced by the OECD Secretariat aims at enhancing understanding of capital flow dynamics and policy effectiveness, supporting the ATFC work and the OECD’s contributions to the G20 Finance Track.

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.

OECD reports to the G20 Jun 2020Jun 2019 | Sep 2018 | Jul 2018 | Jun 2017 | Mar2017 | Feb 2017 | Apr 2016

COVID-19 and Global Capital Flows: OECD Report to G20 International Financial Architecture Working Group, 2020

OECD/IMF update on co-operation on approaches to macro-prudential and capital flow management measures, 2016

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

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

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




FDI regulatory restrictiveness index


Working papers

Assessing the effectiveness of currency-differentiated tools | Highlights, 2021

Capital flow deflection under the magnifying glass Highlights, 2020

OECD Review of International Investment Policies in Costa Rica, 2020

The most favoured nation and non-discrimination provisions in international trade law and the OECD codes of liberalisation, 2020

The broad policy toolkit for financial stability: Foundations, fences and fire doors, 2019

Have currency-based capital flow management measures curbed international banking flows?, 2017

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

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


1st Joint Bank of England-Banque de France-IMF-OECD Workshop on International Capital Flows and Financial Policies, 20-21 October 2020

High-level Policy Seminar on International Capital Flows, 11 September 2019

Open and Orderly Capital Movements: Interventions from the 2016 OECD High-Level Seminar, 2017

High-level seminar on open and orderly capital movements, 25 October 2016

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



Global policy responses to capital flow volatility, 2021

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

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








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