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Financial Sector Policies

The Management and Liberalization of Capital Flows

Deadline passed

Session No.: CE 22.24

Location: Kuwait City, Kuwait

Date: October 16-20, 2022 (1 week) New dates

Primary Language: English

    Target Audience

    Mid-level officials in central banks, ministries, or other supervisory authorities working on foreign exchange regulation and supervision, systemic risk assessments related to capital flows, and the management and liberalization of capital flow more broadly or interested in learning about the conceptual and operational issues related to the use of capital flow management measures.

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    Participants are expected to have experience with implementing foreign exchange regulation or supervision and/or be familiar with capital controls.

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    Course Description

    This course, presented by the Capital Flows Unit in the Monetary and Capital Markets Department (MCMAICF) [jointly with LEG] discusses the benefits and risks associated with capital flows, the design of foreign exchange (FX) regulatory frameworks, the IMF approach to capital flow liberalization, and the recently revised Fund policies on current and capital account openness. The course also presents the IMF's macroeconomic policy framework on managing capital inflow surges and disruptive outflows as set out in the Fund's Institutional View (IV), as well as the Fund's macroprudential policy framework and how systemic risk stemming from capital flows may be mitigated.
    Throughout the course, there will be a focus on actual country examples of using CFMs and CFM/MPMs to manage capital flows, measures affecting current transactions, and on country experiences with capital account liberalization. The course concludes with a panel discussion where participants exchange knowledge and share country experiences.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Have an understanding of the benefits and risks associated with capital flows.
    • Understand how Fund policies with regard to the liberalization and management of capital flows aims to facilitate countries in reaping the benefits of capital flows while mitigating their risks.
    • Have insight into how to design FX regulatory frameworks and systems of CFMs, as well as the challenges which may arise in practice.
    • Be familiar with the key elements of Fund policies on current transactions and how they differ from the IMF guidance on capital flow policies.
    • Be able to identify systemic risk stemming from capital flows and how macroprudential policy measures (MPMs), as well as CFM and CFM/MPMs, may be used to mitigate those risks.
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