Investment
OECD Codes of Liberalisation of Capital Movements and of Current Invisible Operations
In focus
18/07/2023 - Towards orderly green transition: Investment requirements and managing risks to capital flows
28/05/2023 - OECD monthly capital flow dataset - June 2023 update
31/05/2023 - Call for papers for the 2023 Workshop on International Capital Flows and Financial Policies
27/07/2021 - Extreme capital flow episodes from the Global Financial Crisis to COVID-19: An exploration with monthly data
20/01/2021 - Assessing the effectiveness of currency-differentiated tools | Highlights
OECD Legal Instruments related to Capital Movements and Trade in Services |
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| 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. | |||||
Download the 2023 edition EN | FR
Read more about the 2019 review of the Code
Download the 2022 edition EN | FR
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 |
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| 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. | |||||
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. Towards orderly green transition: Investment requirements and managing risks to capital flows, 2023 OECD reports to the G20 Jun 2020 | Jun 2019 | Sep 2018 | Jul 2018 | Jun 2017 | Mar2017 | Feb 2017 | Apr 2016 The OECD's approach to capital flow management measures used with a macro-prudential intent, 2015 |
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Data Capital flows 2020-2022 
OECD monthly capital flow dataset - This dataset covers all main capital flow categories of the financial account – FDI, portfolio equity, debt and other investment and covering both inflows and outflows. It is aggregated solely from public sources and is consistent with Balance of Payment (BoP) principles. FDI regulatory restrictiveness index
Working papers Extreme capital flow episodes from the Global Financial Crisis to COVID-19: An exploration with monthly data | Data, 2021 Analysing sectoral capital flows: Covariates, comovements, and controls, 2021 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 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 South Africa's investment regime in relation to the Codes, 2014 Macro-prudential policy, bank systemic risk and capital controls, 2013 |
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2023 Workshop on International Capital Flows and Financial Policies, 6 October 2023 Third G20 International Financial Architecture Working Group side event: Towards Orderly Green Transition – Investment Requirements and Managing Risks to Capital Flows, 6 June 2023 2022 Workshop on International Capital Flows and Financial Policies, 17 October 2022 2021 Workshop on International Capital Flows and Financial Policies, 25-26 October 2021 2020 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 |
Following capital flows: Insights from new high-frequency data, 2022 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 OECD Secretary-General Angel Gurría, 2012 |
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