Bank of Canada Conference on Capital Flows in Advanced Economies: Implications for Financial Stability

Страна: Канада

Город: Ottawa

Тезисы до: 29.06.2018

Даты: 13.11.18 — 13.11.18

Область наук: Экономические;

Е-мейл Оргкомитета:

Организаторы: Bank of Canada


After increasing for several years, global capital flows saw a massive retrenchment during the global financial crisis. Much of the retrenchment in capital flows was due to a decline in cross-border banking flows between advanced economies, and has persisted. However, other components of capital flows – notably portfolio and foreign direct investments – have rebounded and have seen periods of volatility, especially during the taper tantrum.

The volatility of capital flows has led to a debate about the financial stability implications of these flows. This debate has centered around the implications for emerging economies, but large gross capital flows in advanced economies can also have important financial stability implications. In the years preceding the global financial crisis, foreign investment in US mortgage backed assets may have contributed to driving down the yields on US mortgage-backed securities and fuelling the US housing boom. During the same period, flows between euro area countries may have contributed to the low risk premiums on sovereign debt. Since the crisis, there has been a lively debate about the financial stability implications of foreign inflows into advanced economy asset markets, notably housing and bond markets.

On behalf of the Bank of Canada, the organizing committee invites submissions to a conference on “Capital Flows in Advanced Economies: Implications for Financial Stability”. The aim of the conference is to discuss and promote the latest empirical and theoretical research on the implications of capital flows for financial stability in advanced economies. Potential topics include, but are not limited to:

-        The global drivers of cross-border bank lending, foreign direct investment and portfolio flows;

-        The impact of capital flows on real economic activity, market liquidity, credit conditions and asset prices (including house prices);

-        The role of the international investment position and its composition in the transmission of external shocks;

-        The role of capital flows in the build-up of domestic financial system vulnerabilities;

-        The spillbacks to advanced economies from emerging markets’ policy responses to spillovers; and

-        The impact of macroprudential policies on cross-border flows of capital.

Linda Goldberg (Senior Vice-President, Federal Reserve Bank of New York) has confirmed her participation as keynote speaker. Finally, Sylvain Leduc (Deputy Governor, Bank of Canada) will host a panel discussion entitled “Foreign investment in housing markets: blessing or curse?”

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