BdF-ECB Workshop on international financial flows - virtual conference

The Banque de France and the European Central Bank are organizing a webinar on international financial flows on October 19 2020.

The International Relations Committee (IRC) of the European System of Central Banks (ESCB) has launched an Expert Network on Financial Flows in 2019 to monitor recent trends in global capital flows and identify policy-relevant analysis and research on capital flow dynamics, as well as to analyse the policy implications of managing capital flows and spillovers.

The network provides a forum for the exchange of information between ESCB researchers and economists analysing capital flows. To this end, the 2020 workshop, which will take place in virtual format, will be open to all central banks and research/public sector/international institutions.


Invited speakers

Tamim Bayoumi, Deputy Director in the Strategy, Policy and Review Department, International Monetary Fund, and Robin Koepke, Economist at the International Monetary Fund, have agreed to give keynote lectures.


14:20Welcome remarks
Roland Beck (ECB) and Beatrice Scheubel (ECB)
Session 1: Measurement and drivers of capital flows
Chair: Julia Schmidt (BdF)
14:30Capital Flow Data – A Guide for Empirical Analysis and Real-time Tracking
Robin Koepke (IMF, invited) and Simon Paetzold (IMF)
15:00Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens
Antonio Coppola (Harvard), Matteo Maggiori (Stanford GSB, NBER and CEPR), Brent Neiman (Chicago Booth, NBER and CPER) and Jesse Schreger (Columbia Busines School and NBER) 

Break: 15min

Session 2: Capital Flows during the Covid-19 shock
Chair:  Clément Marsilli (BdF)

15:45Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: looking-through investment funds
Daniel Carvalho (Banco de Portugal) and Martin Schmitz (ECB)
16:15Currency-Induced External Balance Sheet Effects at the Onset of the COVID-19 Crisis
Galina Hale (UCSC, San Francisco Fed and CEPR) and Luciana Juvenal (IMF)

Break: 15min

Session 3: Policy Responses to Capital Flow Volatility
Chair: Livio Stracca (ECB)

17:00How Does International Capital Flow?
Michael Kumhof (BoE), Phurichai Rungcharoenkitkul (BIS) and Andrej Sokol (ECB)
17:30The IMF’s Integrated Policy Framework (and its relevance for Europe)
Tamim Bayoumi (IMF, invited)
18: 00 Adjourn

Scientific committee 

Roland Beck, European Central Bank (

Clément Marsilli, Banque de France (

Beatrice Scheubel, European Central Bank (

Julia Schmidt, Banque de France (

Updated on: 11/05/2020 10:39