On April 3, the Bretton Woods Committee explored Future Trends in Capital Flows: Opportunities and Challenges in Emerging Markets at the Citigroup Center, 601 Lexington Avenue in New York City.
Cross-border capital flows are an important, evolving, and controversial aspect of the global monetary system. Capital inflows to emerging market economies (EMEs) have already rebounded to levels seen before the 2008 financial crisis. The sources and recipients of cross-border capital are also shifting; flows between EMEs have increased, as have flows from emerging market to advanced economies.
Additionally - at a time when global financial conditions and the multi-speed economic recovery pose challenges for EME policymakers in their pursuit of internal stabilization objectives - the International Monetary Fund (IMF) has shifted its institutional view on capital controls, suggesting they can be appropriate policy tools in warranted circumstances.
During this panel discussion, Bretton Woods Committee members and friends considered the changing nature of emerging market capital flows and the implications for EME and IMF policies and the global economic recovery.
- José Viñals, Director, Monetary and Capital Markets Department, International Monetary Fund
- José Antonio Ocampo; Professor, Columbia University; Former Chairman, Central Bank of Colombia
- Guillermo Mondino, Managing Director and Head of Emerging Markets Economics and Strategy, Citi Research
- Murat Köprülü, Head of Emerging Market Group, Mariner Investment Group
Moderator: Paul V. Applegarth, Chief Executive Officer, Value Enhancement International
The Committee would like to thank Citigroup for hosting this event.