## Managing Capital Flows: Macroeconomic Analysis and Policies

## Source details

**Canonical URL:** [Managing Capital Flows: Macroeconomic Analysis and Policies](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ct/2019/mcfct19-11)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/ct/2019/mcfct19-11/index.md)
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## Bibliographic details
- Session: CT 19.11
- Location: Shenzhen, China
- Dates: May 27-31, 2019 (1 week)
- Primary language: English
- Interpretation language: Chinese

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### Program overview
- Title: Managing Capital Flows: Macroeconomic Analysis and Policies (MCF)
- Type: Training Program
- Sponsor: IMF Institute for Capacity Development
- Session No.: CT 19.11
- Location: Shenzhen, China
- Date: May 27-31, 2019 (1 week)
- Primary Language: English
- Interpretation Language: Chinese

### 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 should have an advanced degree in economics or equivalent experience, good quantitative skills, and a basic knowledge of 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 and content
- Purpose:
  - Foster understanding of the dynamics of capital flows and their effects on economic growth, macroeconomic volatility, and risk of crisis.
  - Discuss policy options to reap benefits of capital market integration while minimizing and mitigating its adverse effects.
- Structure and topics:
  - 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 capital account management tools and how they relate to financial regulation and exchange rate intervention.
  - Case studies of actual crises to illustrate how policy setting and failure to recognize and address the buildup of vulnerabilities led to crisis.
- Pedagogy:
  - Participant engagement through discussions.
  - Practical workshop exercises to solidify understanding of lecture material.

### Course objectives
- Upon completion, 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 economies both small and large.
  - Identify how policy actions can influence, or prevent. the occurrence of capital account crises and determine what challenges a country faces in attempting to stabilize the economy in different economic scenarios.
  - Evaluate the impact of financial reform policies on both economic growth and the risk of financial crisis.
  - Identify a capital account crisis and assess the associated costs.
  - Propose policy actions to address or avoid future crises and reduce their costs.

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## References

- [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)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/ct/2019/mcfct19-11_