October 25, 2021
The Bank of England, the Banque de France, the IMF and the OECD are pleased to announce their second annual workshop on International Capital Flows and Financial Policies. For the 2021 workshop, Banca d’Italia joins the organizing committee as part of its activities under the Italian G20 Presidency.
The risks and benefits of cross-border capital flows, and their impact on domestic economies, have been the subject of extensive policy and academic debate. Capital flow dynamics during the pandemic have once again highlighted the policy challenges arising from global financial market integration. The spread of the Covid-19 virus was associated with sharp movements in capital flows. Such volatility was amplified by a marked tightening in financial conditions, including strains in US dollar funding markets. Understanding these episodes of market turmoil and monitoring recent trends in international capital flows, such as the growing importance of more volatile flows from non-bank financial intermediaries, is key for appropriate policy responses.
The one-day workshop will bring together academics and policy makers to deepen our understanding of global capital flows. The workshop is hosted by the Banque de France and will be held in virtual format over two days.
Ambrogio.Cesa-Bianchi, Bank of England (Ambrogio.Cesa-Bianchi@bankofengland.co.uk)
Annamaria de Crescenzio, OECD (Annamaria.deCrescenzio@oecd.org)
Mark Joy, Bank of England (Mark.Joy@bankofengland.co.uk)
Martin Kaufman, IMF (MKaufman@imf.org)
Annamaria Kokenyne Ivanics, IMF (AKokeny@imf.org)
Etienne Lepers, OECD (Etienne.Lepers@oecd.org)
Alessandro Moro, Banca d’Italia (Alessandro.Moro2@bancaditalia.it)
Dennis Reinhardt, Bank of England (Dennis.Reinhardt@bankofengland.co.uk)
Julia Schmidt, Banque de France (Julia.Schmidt@banque-france.fr)
Maéva Silvestrini, Banque de France (Maeva.Silvestrini@banque-france.fr)
| Monday 25 October 2021 | |
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14:30 |
Opening remarks |
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Sylvie Goulard, Deputy Governor, Banque de France |
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14:40 |
Session 1: Distributional Effects and Drivers of Capital Flows |
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Chair: Valerio Nispi Landi, Banca d’Italia |
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14:40 |
“Beware the Side Effects: Capital Controls Cause Misallocation and Reduce Welfare” Eugenia Andreasen (University of Chile), Sofía Bauducco (Central Bank of Chile), Evangelina Dardati (Centro de Estudios Públicos) and Enrique G. Mendoza (University of Pennsylvania and NBER) |
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15:05 |
Discussion: Fadi Hassan (Banca d’Italia, CEP and CEPR) |
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15:15 |
Q&A |
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15:20 |
“Why Does Capital Flow from Equal to Unequal Countries?” Sergio de Ferra (University of Oxford and CEPR), Federica Romei (University of Oxford and CEPR) and Kurt Mitman (Stockholm University and CEPR) |
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15:45 |
Discussion: Anusha Chari (University of North Carolina at Chapel Hill, NBER and CEPR) |
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15:55 |
Q&A |
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16:00 |
Coffee break |
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16:15 |
Policy Panel: The Changing Landscape of Capital Flows. New Patterns, Actors and Regulatory Aspects |
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16:15 |
Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, IMF Claudia M. Buch, Vice-President, Deutsche Bundesbank Sir Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England Luigi Federico Signorini, Deputy Governor, Banca d’Italia Moderator: Mathilde Mesnard, Acting Director, Directorate for Financial and Enterprise Affairs, OECD |
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17:30 |
End of the first day meeting |
| Tuesday 26 October 2021 | |
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14:30 |
Session 2: Spillovers through Global Financial Cycles and Networks |
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Chair: Martin Kaufman, IMF |
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14:30 |
“Leaning against the Global Financial Cycle” Andrea Ferrero (Oxford University and CEPR), Maurizio Michael Habib (ECB), Livio Stracca (ECB) and Fabrizio Venditti (Banca d’Italia) |
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14:55 |
Discussion: Deniz Igan (IMF) |
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15:05 |
Q&A |
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15:10 |
“Risk Sharing and Amplification in the Global Financial Network” Leslie Sheng Shen (Federal Reserve Board) and Tony Zhang (Federal Reserve Board) |
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15:35 |
Discussion: Iñaki Aldasoro (BIS) |
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15:45 |
Q&A |
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15:50 |
Coffee break |
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16:05 |
Session 3: Policies for Capital Flow Management and Covid-19 |
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Chair: Pierre-François Weber, Banque de France |
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16:05 |
“Asset Purchases as a Remedy to the Original Sin Redux: Benefits, Risks and Limitations” Yasin Mimir (Norges Bank) and Enes Sunel (OECD) |
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16:30 |
Discussion: Alessandro Rebucci (Johns Hopkins University, CEPR and NBER) |
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16:40 |
Q&A |
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16:45 |
“Capital Markets, COVID-19 and Policy Measures” Martina Hengge (IMF) and Khalid ElFayoumi (IMF) |
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17:10 |
Discussion: Stefan Goldbach (Deutsche Bundesbank) |
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17:20 |
Q&A |
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17:25 |
End of the second day meeting |
