Politiques de l'investissement

1st International Capital Flows and Financial Policies Workshop


20-21 October 2020  Virtual Event

1st Joint Bank of England-Banque de France–IMF–OECD
Workshop on International Capital Flows and Financial Policies

Participants at this virtual event came together to discuss the benefits and risks of global capital flows and advance the debate on the appropriate financial policy toolkit. Focus topics included:

  • Going beyond traditional statistics: mapping of capital flows and policy implications; research that tries to identify the “ultimate investor”, and potentially policy issues related to tax evasion, FDI and profit-shifting.

  • The changing composition of flows: the shift away from banks to non-banks and corporates and financial stability implications.

  • Surges, stops and “normals” for capital flows. The optimal policy mix in the face of spillovers and its effectiveness of tackling capital flow volatility.

  • Financial integration or fragmentation, capital controls, and pre-conditions for further liberalisation.

Download the agenda

Call for Papers - April 2020


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20 October 2020

14:30 -  14:35

Opening remarks

Laurence Boone, Chief Economist, OECD

14:35 - 17:30

International capital flows: New geographies, new channels


Moderator: Martin Kaufman, Assistant Director, Strategy, Policy and Review Department, IMF

 “Profit Shifting in the Banking Sector”

Tobias Cagala (Deutsche Bundesbank), Alena Wabitsch (Deutsche Bundesbank and European Central Bank)

Discussant: Vincent Vicard (Centre d’études prospectives et d’informations internationales (CEPII))


Elusive Safety: The New Geography of Capital Flows and Risk

Tim Schmidt-Eisenlohr (Federal Reserve Board), Laura Alfaro (Harvard Business School and NBER), Ester Faia (Goethe University Frankfurt and CEPR)

Discussant: Katharina Bergant (IMF)

16:00 -16:10

Coffee break

16:10 - 17:30

US Housing as a Global Safe Asset: Evidence from China Shocks

Nathan Converse (Federal Reserve Board), William Barcelona (Federal Reserve Board), Anna Wong (Federal Reserve Board)

Discussant: Pedro Gete Sánchez (IE Business School)


Risk-mitigating effects of being prompt and transparent

Viktors Stebunovs (Federal Reserve Board), Seung Jung Lee (Federal Reserve Board), Lucy Qian Liu (IMF)

Discussant: Miguel Boucinha (European Central Bank)

 21 October 2020

14:20 - 14:25

Opening remarks

Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, IMF

14:25 - 15:45

Global cycles, Capital flow surges, Policy responses


Moderator: Antonio Gomes, Deputy-Director, Directorate for Financial and Enterprise Affairs, OECD

The Global Financial Cycle and Capital Flows – a Wobbly Link?

Beatrice Scheubel (European Central Bank and CESifo), Livio Stracca (European Central Bank), Cedric Tille (Geneva Graduate Institute and CEPR)

Discussant: Stefan Avdjiev (BIS)


Capital Flows at Risk: Taming the Ebbs and Flows

Silvia Sgherri (IMF), Gaston Gelos (IMF), Lucyna Gornicka (IMF), Robin Koepke (IMF), Ratna Sahay (IMF)

Discussant: Fernando Eguren-Martin (Bank of England)


15:50 - 16:00

Coffee break

16:00 - 17:20

Policy Panel: global capital flows in the current Covid setting


Moderator: Matthieu Bussière, Director, Monetary and Financial Analysis, Banque de France


Philip Lane, Chief Economist, European Central Bank

Ratna Sahay, Deputy Director, Monetary and Capital Markets Department, IMF

Linda Goldberg, Senior Vice President, New York Fed and Co-Chair, International Banking Research Network

James Talbot, Director of International Directorate, Bank of England



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



Documents connexes