Course IMF: Managing Capital Flows

May 24 – 28 and June 7 – 11, 2021



Banco Central do Brasil, International Monetary Fund and CEMLA.


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.


This course is devoted to fostering understanding of the dynamics of capital flows and their effects on economic growth, macroeconomic volatility, and risk of crisis.

Aimed at

Junior to mid-level policy makers in central banks.


Dr. Santiago García Verdú
Advisor to the Director General / Research Economist
Phone: +52 (55) 5061-6635