## Virtual: Managing Capital Flows: Macroeconomic Analysis and Policies

## Source details

**Canonical URL:** [Virtual: Managing Capital Flows: Macroeconomic Analysis and Policies](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2024/mcfat24-31v)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/at/2024/mcfat24-31v/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/at/2024/mcfat24-31v/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/at/2024/mcfat24-31v/bundle-manifest.json)

## Bibliographic details
- Session: AT 24.31V
- Location: Ebene, Mauritius
- Dates: October 21, 2024 - November 1, 2024 (2 weeks)
- Delivery method: Virtual Training
- Primary language: English
- Interpretation language: French Portuguese
- Status: Deadline passed

---

### Target audience and prerequisites
- Target Audience:
  - Junior to mid-level policy makers in central banks and finance ministries who have policy responsibilities related to capital account management.
  - No prior knowledge of the material is required.
- Qualifications:
  - Participants are expected to have an advanced degree in economics or equivalent experience, good quantitative skills, and a basic knowledge of Microsoft Excel.
  - It is recommended that applicants have taken either the Financial Programming and Policies (FPP) or the Macroeconomic Diagnostics (MDS) course.
- Pre-requisites: Not applicable.

### Course description — scope and structure
- The course is presented by the Institute for Capacity Development.
- Purpose:
  - Foster understanding of the dynamics of capital flows and their effects on economic growth, macroeconomic volatility, and risk of crisis.
- Structure:
  - Refresher on balance of payments statistics and description of alternative measures of capital flows and financial (capital) account openness.
  - Determinants of capital flows and the link between these flows and economic growth, macroeconomic volatility, and crisis risk.
  - Discussion of sequencing capital account liberalization to reap benefits of capital market integration while minimizing and mitigating adverse effects.
  - Coverage of analytical methods and data sources for the analysis and forecasting of capital flows.
  - Discussion of the IMF’s Institutional View on capital flows and its relation to macroeconomic policy, macroprudential measures, capital flow management tools, and exchange rate intervention.
  - Case studies of actual crises illustrating how policy setting and failure to recognize and address the buildup of vulnerabilities led to crisis.
  - Practical workshop exercises and participant engagement throughout the course.

### Learning objectives and competencies
Upon completion of the course, participants should be able to:
- Explain the dynamics of the capital account using the balance of payments of a given country.
- Identify the financial and economic risks that a global capital market creates for both small and large economies.
- Determine what challenges a country faces in attempting to stabilize the economy under different economic scenarios.
- Understand the appropriate sequencing of capital account liberalization and associated reforms.
- Identify how policy actions can influence or prevent the occurrence of capital account crises.
- Evaluate the impact of financial reform policies on both economic growth and the risk of financial crisis.
- Understand the key features of the IMF’s Institutional View, and the use of macroeconomic policies, macroprudential measures and capital flow management tools.
- Propose policy actions to address or avoid future crises and reduce their costs.

---


## References

- [Virtual Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Core Elements of Banking Supervision (CBS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2027/cbsat27-10)
- [Advanced Government Finance Statistics (GFS-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/gfs-ace26-45)
- [Fiscal Sustainability (FS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fsce26-38)
- [Safeguards Assessments of Central Banks (SAC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/sacat26-30)
- [Macroeconomic Management in Resource Rich Countries (MRC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/mrcce26-44)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2024/mcfat24-31v_