High-level Policy Seminar on International Capital Flows 2019 | Organisation for Economic Co-operation and Development (OECD) | 11 September 2019 | Organisation for Economic Cooperation and Development, 2 Rue André Pascal, 75016 Paris, France

Great hopes were pinned on global financial integration as a tool for growth and economic development, yet the contemporary view of the benefits and risks associated with openness to the global capital market has become more nuanced.

Programme:
• Collectively tackling market fragmentation, financial fragilities, and cross-border spillovers of financial regulatory policies
• Advancing international co-operation on capital flows
• Making credible commitments. How can economies with a recent history of capital controls continue progressing on the liberalisation path?
• Next vulnerabilities: capital flows and the migration of risks to new corners of the financial system

An open and transparent international system of orderly capital flows can underpin global growth and stability. In light of the increasingly interconnected global financial and economic system, faced with heightened capital flow volatility, significant value is attached to credible commitment mechanisms that signal to economic partners that investment channels will remain open. This, in turn, can help countries to continue to attract the long-term, high-quality capital needed to support inclusive growth and sustainable development.

For almost 60 years, the OECD Code of Liberalisation of Capital Movements has provided a balanced framework for allowing countries to progressively remove barriers to the movement of capital, while providing flexibility to cope with situations of economic and financial instability. Throughout this period, the OECD has provided a forum for international dialogue and co-operation.