## Managing Capital Flows: Macroeconomic Analysis and Policies (MCF)

## Source details

**Canonical URL:** [Managing Capital Flows: Macroeconomic Analysis and Policies (MCF)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ct/2020/mcfct20-03)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/ct/2020/mcfct20-03/index.md)
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## Bibliographic details
- Session: CT 20.03
- Location: Dalian, China
- Dates: April 13-17, 2020 (1 week)
- Primary language: English

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### Course Description — Scope and Approach
- The course is devoted to fostering understanding of the dynamics of capital flows and their effects on economic growth, macroeconomic volatility, and risk of crisis.
- Discusses policy options available to reap the benefits of capital market integration while minimizing and mitigating its adverse effects.
- Begins with a refresher on balance of payments statistics and a description of alternative measures of capital flows and financial (capital) account openness.
- Introduces the determinants of capital flows and the link between these flows and economic growth, macroeconomic volatility, and crisis risk.
- Concludes with a discussion of capital account management tools and how they relate to financial regulation and exchange rate intervention.
- Includes case studies of actual crises to illustrate how policy setting and failure to recognize and address the buildup of vulnerabilities led to crisis.
- Emphasizes participant engagement through discussions and practical workshop exercises to solidify understanding of lecture material.

### Course Objectives
- 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.
- 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.
- 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/2020/mcfct20-03_