Managing Capital Flows: Macroeconomic Analysis and Policies (MCF)

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Course No.: ST 19.17
Location: Singapore, Singapore
Date: July 1, 2019-July 12, 2019 (2 Weeks)
Language: English

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.


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 Macroecon

Course Description:

This course, presented by the IMF Institute, is devoted to fostering understanding of the dynamics of capital flows and their effects on economic growth, macroeconomic volatility, and risk of crisis. The course discusses policy options available to reap the benefits of capital market integration while minimizing and mitigating its adverse effects. The course starts with a refresher on balance of payments statistics and a description of alternative measures of capital flows and financial (capital) account openness. The second part of the course introduces the determinants of capital flows and the link between these flows and economic growth, macroeconomic volatility, and crisis risk. The course concludes with a discussion of capital account management tools and how they relate to financial regulation and exchange rate intervention. The course includes case studies of actual crises so that participants will learn how policy setting and failure to recognize and address the buildup of vulnerabilities led to crisis. Throughout the course, participants are expected to engage in discussions and will work on practical workshop exercises to solidify their understanding of the lecture material.

Course Objectives:

Upon completion of this 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 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.

Important Note for Online Courses:

For Online Learning (OL) courses, which are delivered through the edX platform, you will need an additional piece of information to register: you will be prompted for your edX.org username. If you do not already have a username, please go to https://courses.edx.org/register and sign up for a free account. Once you have created an account, you may complete the IMF Institute application. If you already have an edX account, your username can be found on the top right of the screen after logging in.

Important Note for Internal Economics Training Courses:

Internal Economics Training (IT) courses are self-financed. The IMF will not charge officials for attending courses. However, all travel, insurance, hotel, and living costs will need to be covered by the agency sponsoring the participants.