International Capital Movements: Old and New Debates

Cusco, Peru

July 19-20, 2010



At our second annual conference in Cusco we decided to reflect on old and new debates concerning international capital movements. Among other questions, we asked why countries integrated into global capital markets are prone to financial crises and whether this boom-bust pattern of capital flows is socially efficient? We also pondered whether flows are temporary, driven by low interest rates in advanced economies, or more structural? In their responses participants stressed how crisis has heightened concerns that inflows could inflate asset price bubbles, contributing to financial fragilities, and leading to exchange rate overshooting. Capital inflows were perceived as fundamentally good. But consensus emerged that sudden surges can pose macro-prudential challenges. Additionally,  capital controls (residency-based restrictions on cross- border capital flows) were again placed at the forefront of the debate among policy makers . 



  • Aaron TORNELL: Professor of Economics, UCLA
  • Aasim HUSAIN: Senior Advisor in the Strategy, Policy and Review Department, IMF
  • Amar BHATTACHARYA: Director, G24
  • Anton KORINEK: Assistant Professor, University of Maryland
  • Atish R. GHOSH: Chief of the Systemic Issues Division, IMF
  • Brajamohan MISRA: Adviser, Department of Economic Analysis and Policy, Reserve Bank of India
  • Carlo MONTICELLI: Director, International Relations, Department of Treasury, Italy
  • Erdem BASCI: Deputy Governor, Central Bank of the Republic of Turkey
  • Evariste LEFEUVRE: Chief Economist for Americas, Natixis North America
  • Gerard GARDNER: Managing Director, UBS
  • Javier GUZMAN: Director General, CEMLA
  • Jonathan D. OSTRY: Deputy Director, Research Department, IMF
  • Jose Dario URIBE: Governor, Central Bank of Colombia
  • Julio VELARDE: Governor, Central Reserve Bank of Peru
  • Kristin FORBES: Professor of International Economics, MIT Sloan School of Management
  • Leonardo LEIDERMAN: Professor of Economics, University of Tel Aviv
  • Lorenzo GIORGIANNI: Assistant Director, Emerging Markets Division, Strategy, Policy and Review Department, IMF
  • Luis E. OGANES: Managing Director, Head of Latin America Research, J.P. Morgan
  • Malcolm KNIGHT: Vice Chairman, Deutsche Bank Group
  • Manuel MARFAN: Deputy Governor, Central Bank of Chile
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Marcus MILLER: Professor of Economics, University of Warwick
  • Ousmene MANDENG: Head of Public Sector Investment Advisory, Ashmore Investment Management
  • Philip TURNER: Deputy Head of the Monetary and economic Department, BIS
  • Ricardo LAGO: Economic Analyst, Macroeconomic Advisory Group
  • Robert KAHN: Senior Policy Strategist, Moore Capital
  • Rogerio STUDART: Alternative Executive Director, World Bank
  • Shahin VALLEE: Head of FX&IR CEEMEA Strategy, BNP Paribas
  • Stijn CLAESSENS: Assistant Director, Research Department, IMF
  • Uri DADUSH: Senior Associate and Director, International Economics Program, Carnegie Endowment for International Peace
  • Wilhelmina MANALAC: Managing Director, International Subsector, Central Bank for the Philippines

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