Investment policy

5th International Capital Flows and Financial Policies Workshop



 4 October 2024  London

5th Joint Bank of England-Banque de France–IMF–OECD-Banca d'Italia Workshop on International Capital Flows and Financial Policies

The workshop aims to address frontier issues in the area of international capital flows, discussing how capital flows are affected by cyclical factors, such as inflation-driven monetary policy changes in advanced economies, by a more fragmented international financial system, by the growing role of non-bank financial institutions (NBFIs), and by long-run structural drivers, such as digitalization and climate change. In addition, the workshop will seek to identify the appropriate mix of policy tools – including capital flow management measures (CFMs), currency-based measures (CBMs), macroprudential measures, monetary policy tools, and foreign exchange intervention – to mitigate the volatility of capital flows and the risks emanating from it.

The one-day workshop will bring together academics and policy makers to deepen our understanding of global capital flows. The workshop will be held at the Bank of England in London on October 4 , 2024. The event will feature a keynote speech from Helene Rey, Lord Bagri Professor of Economics at London Business School, and a high-level panel discussion that will address frontier issues on capital flows and key policy challenges. The organizing committee invites authors to submit empirical and theoretical papers on topics including, but not limited to:


  • International capital flows and exchange rates within a more fragmented international financial system.
  • Linkages between terms of trade fluctuations – including from commodity price volatility – and capital flows.
  • The role of non-bank financial intermediation in the propagation of global shocks.
  • The implications of climate change and transition risk on the direction and volatility of capital flows.
  • Capital flows in a digital age: international spillovers of crypto activities, stable coins and central bank digital currencies.
  • Monetary policy, interest rate volatility, and increased debt burdens: implications for international capital flows.
  • Capital flow management measures: their deployment in times of crisis and their interactions with other macroeconomic policies (i.e. macroprudential measures, currency-based measures, FX interventions, monetary policy, and structural policies).
  • Distributional consequences of capital account sudden stops, inflow surges and liberalization.

These topics are closely aligned with the Bank of England’s 2024 Open Economy Agenda for Research

There is no registration fee for the workshop. Attendance is by invitation only. If you would like to attend, please contact [email protected]. Limited funding for presenters from academic institutions (excluding central banks and institutions) is available. Please communicate in your submission if you require financial assistance for travel and accommodation.


The agenda fom the 2023 workshop with selected presentations can be found below:

Friday, October 6th, 2023

9:00am Opening Remarks
Luigi Federico Signorini (Bank of Italy)

9:10am Session 1: Capital Flows and Macro-Financial Policies: New challenges
Chair: Andrés Fernandez (IMF)

9:10am Institutional Investors and Transition Risks: Evidence from Global Portfolios
Maximilian Konradt (Geneva Graduate Institute)

9:35am Discussion:
Maria Sole Pagliari (The Netherlands Bank), presentation

10.00am Sanctions and the Exchange Rate in Time
Massimo Ferrari Minesso (ECB), presentation, with B. Eichengreen, A. Mehl, I. Vansteenkiste, and R. Vicquéry

10:25am Discussion:
Claire Giordano (Bank of Italy), presentation

10:50am Coffee Break

11:10am Session 2: Digital Capital Flows
Chair: Annamaria de Crescenzio (OECD)

11:10am The drivers of Bitcoin trading vis-à-vis fiat currencies: speculation, global risk or local currency depreciation? Massimo Michael Habib (ECB), presentation, with P. Di Casola and D. Tercero-Lucas 

11:35am Discussion:
Clemens Graf von Luckner (Sciences Po Paris), presentation


12.00pm CBDC policies in open economies
Michael Kumhof (Bank of England), presentation, with M. Pinchetti, P. Rungcharoenkitkul, and A. Sokol

12:25pm Discussion:
Massimiliano Pisani (Bank of Italy), presentation

2:00pm Keynote speaker
Christoph Trebesch (Kiel), presentation
Chair: Matthieu Bussière (Bank of France)

3:00pm Session 3: The Role of the US Dollar in the International Monetary System
Chair: Flavia Corneli (Bank of Italy)

3:00pm Collateral Advantage: Exchange Rates, Capital Flows, and Global Cycles
Steve Wu (San Diego) presentation, with C. Engel and M. Devereux

3:25pm Discussion:
Dmitry Mukhin (LSE), presentation

3:50pm Preferred Habitats and Timing in the World's Safe Asset
Alexandra Tabova (FED), with F. Warnock

4:15pm Discussion:
Katharina Bergant (IMF), presentation

5:00pm Policy Panel
Chair: Patrizio Pagano (Bank of Italy)
Panelist: Robin Brooks (IIF)
Panelist: Ayhan Kose (World Bank), presentation
Panelist: Clara Raposo (Bank of Portugal)
Panelist: Francis Warnock (University of Virginia)

6:20pm Closing Remarks
Dennis Reinhardt (Bank of England) 



Call for papers

Please submit papers by 17 May to [email protected]

Authors whose papers have been selected will be contacted by 11 July. Please note that only full drafts of papers will be accepted.


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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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