Training Program

Mid-level to senior officials from central banks, ministries of finance, and other government agencies.

Participants will be expected to have an advanced degree in economics or equivalent experience, and to be proficient in the use of Excel.

Not applicable.

This course, presented by the Institute for Capacity Development, is devoted to fostering understanding of the dynamics of capital flows and their effects on economic growth, macroeconomic volatility, and risk of crisis. The course starts with a refresher on balance of payments statistics and a description of alternative measures of capital flows and financial (capital) account openness. The second part of the course introduces the determinants of capital flows and the link between these flows and economic growth, macroeconomic volatility, and crisis risk. The course continues with a discussion of sequencing capital account liberalization to reap the benefits of capital market integration while minimizing and mitigating its adverse effects. This is followed by coverage of analytical methods and data sources for the analysis and forecasting of capital flows.  The course concludes with a discussion the IMF’s Institutional View on capital flows and how it relates to macroeconomic policy, financial regulation, and exchange rate intervention. The course includes case studies of actual crises, so that participants learn how policy setting and failure to recognize and address the buildup of vulnerabilities led to crisis. Throughout the course, participants are expected to engage in discussions and work on practical workshop exercises to solidify their understanding of the lecture material.