Workshop on International Capital Flows and Financial Policies

Published on the 24th of March 2025

Conférences
24 September 2025 - 09:00

The workshop aims to address frontier issues in the area of international capital flows, discussing how capital flows are affected by cyclical factors, such as inflation-driven monetary policy changes in advanced economies, as well as long-run structural drivers such as a more fragmented international financial system, the growing role of non-bank financial institutions (NBFIs), digitalization, climate change or trade policies. In addition, the workshop will seek to identify the appropriate mix of policy tools to mitigate the volatility of capital flows and associated risks.
The one-day workshop will bring together academics and policy makers to deepen our understanding of global capital flows. 
The workshop will be held at the Banque de France in Paris on September 24th, 2025.

Agenda

Wednesday, September 24th, 2025

 

9:00am Opening Remarks
L. Clerc (Banque de France)
9:10am

Session 1: Safe Currencies and Safe Assets
Chair: M. Trott (Bank of England)

9:10am Swap Line Arbitrage Supply
P. Kloks (University of St. Gallen, Swiss Finance Institute)
9:35am Discussion: A. Tabova (FED Board)
10:00am Capital Inflow Shocks and Convenience Yields
N. Ben Zeev (Ben-Gurion University), N. Ben-Ze’ev (Bank of Israel), D. Nathan (Bank of Israel)
10:25am Discussion: M. Gnewuch (ESM)
10:50am Coffee Break
11:10am

Policy Panel

Chair: A. Bénassy-Quéré (Banque de France)
Panelist: S. Krogstrup (Danmarks Nationalbank)
Panelist: G.M. Milesi-Ferretti (Brookings)
Panelist: R. Portes (London Business School)

12:10pm Lunch
1:20pm Keynote speaker 
A. Chari (University of North Carolina at Chapel Hill) 
Chair: A. Fernández Martin (IMF)
2:30pm Session 2: Geopolitics and Trade Tensions 
Chair: A. Novik (OECD)
2:40pm Trading Blows: The Exchange-Rate Response to Tariffs and Retaliations 
D. Ostry (Bank of England), S. Lloyd (Bank of England), G. Corsetti (European University Institute)
3:05pm Discussion: P. Della Corte (Imperial College London)
3:30pm Geopolitical Risk: When it Matters; Where it Matters. Evidence from International Portfolio Allocations
N. Converse (FED Board), E. Mallucci (Central Bank of Ireland)
3:55 Discussion: R. Beck (ECB)
4:20pm Coffee Break
4:40pm Session 3: International Banking Cycles
Chair: V. Nispi Landi (Banca d’Italia)
4:40pm Banks’ Foreign Homes
K. Schmidt (Deutsche Bundesbank), L. Tonzer (Otto-von-Guericke-University)
5:05pm Discussion: C. Badarinza (Frankfurt School of Finance & Management)
5:30pm The Global Credit Cycle
N. Boyarchenko (NY FED, CEPR, CesIfo), L. Elias (NY FED)
5:55pm Discussion: A. Dogan (Bank of England)
6:20pm Closing Remarks
E. Lepers (OECD)
6:30pm End of the Workshop

Organizers:

  • Marco Albori, Banca d’Italia (Marco.Albori@bancaditalia.it)
  • Kai Arvai, Banque de France (Kai.Arvai@banque-france.fr)
  • Valentin Burban, Banque de France (Valentin.Burban@banque-france.fr)
  • Daniel Christen, Bank of England (Daniel.Christen@bankofengland.co.uk)
  • Andres Fernandez, IMF (AFernandez3@imf.org)
  • Fabrizio Ferriani, Banca d’Italia (Fabrizio.Ferriani@bancaditalia.it)
  • Mark Joy, Bank of England (Mark.Joy@bankofengland.co.uk)
  • Etienne Lepers, OECD (Etienne.Lepers@oecd.org)
  • Valerio Nispi Landi, Banca d’Italia (Valerio.Nispilandi@bancaditalia.it)
  • Dennis Reinhardt, Bank of England (Dennis.Reinhardt@bankofengland.co.uk);
  • Julia Schmidt, Banque de France (Julia.SCHMIDT@banque-france.fr)
  • Jonathan Smith, OECD (Jonathan.Smith@oecd.org)

Updated on the 23rd of July 2025