4th Joint Bank of England – Banque de France – IMF – OECD – Banca d’Italia Workshop on International Capital Flows and Financial Policies

International Monetary Fund - Washington, DC

October 6, 2023

The Workshop on International Capital Flows and Financial Policies—sponsored by the IMF, Bank of England, Banque de France, Banca d’Italia, and the OECD—is pleased to announce a call for papers for its fourth annual conference.

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

The one-day workshop will bring together academics and policymakers to deepen our understanding of global capital flows. The event will include remarks by senior officials of the organizing institutions, a keynote speech by professor Christoph Trebesch (Kiel Institute) on “The Implication of Fragmentation for International Capital Flows,” and a high-level panel discussion addressing frontier issues on capital flows and key policy challenges.

Health and travel conditions permitting, the workshop will take place at Banca d’Italia in Rome on October 6th, 2023. Otherwise, it will be held online.

The organizing committee invites authors to submit empirical and theoretical papers on topics including, but not limited to:

• Monetary policy normalization and increased debt burdens: implications for international capital flows.

• Effects of economic sanctions on international capital flows and exchange rates within a more fragmented global financial system.

• Linkages between terms-of-trade fluctuations—including commodity price volatility—and capital flows.

• The role of nonbank financial institutions in the propagation of global shocks.

• Capital flows in a digital age: the international spillovers of crypto activities and central bank digital currencies.

• The implications of climate change and transition risk on the direction and volatility of capital flows.

• The use of capital flow management in the context of crises.

• Interactions of CFMs with other macroeconomic policies (i.e., macroprudential measures, FX interventions, monetary policy) and/or structural policies (such as policies aimed at reducing inequality and fostering market development).

• Distributional consequences of capital account liberalization and potential implications for design liberalization strategies.

Interested authors should submit their paper by May 31st to CapitalFlowsWorkshop@bancaditalia.it. We will contact authors whose papers have been selected by June 30th.

There is no registration fee for the workshop. 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.


Kai Arvai, Banque de France (Kai.Arvai@banque-france.fr)
Annamaria de Crescenzio, OECD (Annamaria.deCrescenzio@oecd.org)
Andres Fernandez, IMF (AFernandez3@imf.org)
Mark Joy, Bank of England (Mark.Joy@bankofengland.co.uk)
Etienne Lepers, OECD (Etienne.Lepers@oecd.org)
Alessandro Moro, Banca d’Italia (Alessandro.Moro2@bancaditalia.it)
Valerio Nispi Landi, Banca d’Italia (Valerio.Nispilandi@bancaditalia.it)
Dennis Reinhardt, Bank of England (Dennis.Reinhardt@bankofengland.co.uk);
Maéva Silvestrini, Banque de France (Maeva.Silvestrini@banque-france.fr)
Julia Schmidt, Banque de France (Julia.SCHMIDT@banque-france.fr)