Seminar: Capital flows and growth: where is the money going?


Location: Meeting Halls A&B, HQ1-3-430A&B

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The challenges posed by large swings in capital flows were highlighted again with the Covid-19 crisis and the subsequent tightening cycle of monetary policies across advanced economies. The discussion will begin by gauging recent developments and trends in capital flows, and emerging risks. It will assess if the continued global disinflation and the likely end of monetary tightening cycles in major AEs have set the stage for a more benign environment for EMs and frontier markets. It will transition to taking stock of the lessons learned so far in terms of policies that can help countries shield against the costs associated with reduced access to foreign capital, such as improved policy frameworks and reduced balance sheets and foreign currency exposure. The evidence of a global footprint associated to flows from large EMs and their possible drivers will also be analyzed. Lastly, the discussions will highlight potential longer-term challenges associated with the increasing fragmentation of capital flows (e.g., capital allocation and productivity) in a more digitalized and indebted environment and how they can pose macro-financial stability risks.

Join the conversation via #CapitalFlows



Gita Gopinath
First Deputy Managing Director

Gita Gopinath is the First Deputy Managing Director of the International Monetary Fund (IMF). She oversees the work of staff, represents the Fund at multilateral forums, leads the Fund’s work on surveillance and related policies, and oversees research and flagship publications. Previously, Ms. Gopinath was the Fund's Chief Economist. In that role, she helmed thirteen releases of the World Economic Outlook. She also worked with other Fund departments on a new analytical approach to help countries respond to international capital flows via the Integrated Policy Framework. Prior to joining the IMF, Ms. Gopinath was the John Zwaanstra Professor of International Studies and of Economics at Harvard University and before that she was an assistant professor of economics at the University of Chicago’s Booth School of Business. Her research, which focuses on International Finance and Macroeconomics, is widely cited and has been published in many top economics journals. She has authored numerous articles on exchange rates, trade and investment, international financial crises, monetary policy, debt, and emerging market crises.

Full bio


Şebnem Kalemli-Özcan
Professor of Economics at University of Maryland



Şebnem Kalemli-Özcan is Neil Moskowitz Endowed Professor of Economics at University of Maryland, College Park. She is the co-editor of American Economic Journal: Macroeconomics and serves at the advisory panels of the NY Federal Reserve and the Bank of International Settlements. She was the Duisenberg Fellow at the European Central Bank in 2008, Lead Economist for the MENA Region at the World Bank during 2010. She was the Houblon-Norman Fellow of Bank of England and CFR International Affairs Fellow during 2017. She served as the Senior Policy Advisor at the International Monetary Fund during 2019-2020. She is the first Turkish social scientist who has received the Marie Curie IRG prize in 2008 for her research on European financial integration.


Lesetja Kganyago
Governor of the Reserve Bank of South Africa



Lesetja Kganyago was appointed Governor of the South African Reserve Bank (SARB) on November 9, 2014. He was reappointed by the President of South Africa for a second five-year term on November 9, 2019. He is the Chairperson of the Monetary Policy Committee, the Financial Stability Oversight Committee and the Financial Stability Committee. Prior to his appointment as Governor, Mr. Kganyago served as SARB Deputy Governor from May 16, 2011.

Mr. Kganyago chairs the Committee of Central Bank Governors of the Southern African Development Community (SADC) and co-chairs the Financial Stability Board’s Cross-Border Payments Coordination Group (CPC) and Regional Consultative Group for Sub-Saharan Africa (RGGSSA).


Dr. Catherine Mann
Professor of the Practice at Brandeis University




Dr. Catherine Mann is a Professor of the Practice at Brandeis University. She contributes to the research program of The Productivity Institute and is a Science Advisor to the European Investment Bank. She is a member of the Council on Foreign Relations and the American Economic Association, among others. Previously she was Chair of the Economic Advisory Committee of the American Bankers Association, a member of the Executive Board of the Committee on the Status of Women in the Economics Profession, on the Board of the National Association for Business Economics, and of the advisory committees of the Federal Reserve Banks of Chicago, Boston, and New York. 

Prior to her appointment, she was the Global Chief Economist at Citibank (2018 to 2021) and the Chief Economist, Head of Economics Department, and G20 Finance Deputy at the OECD (2014 to 2017).

  Roberto Campos Neto
Governor of the Central Bank of Brazil

Roberto Campos Neto serves as Governor of the Central Bank of Brazil since February 2019. He holds a Bachelor's and Master's Degree in Economics from the University of California Los Angeles (UCLA) and has extensive professional experience in the financial sector. For over two decades, he held positions and leadership roles in financial institutions, in Brazil and abroad, such as Bozano Simonsen, Claritas, B3 and Santander, where he headed the Global Treasury for the Americas. Ahead of the Central Bank of Brazil, he launched the BC# Agenda, a set of structuring measures that aim to foster competition, inclusion, transparency, education, and sustainability in the national financial system.




Karen Tso
Co-anchors CNBC’s flagship show ‘Squawk Box’ in EMEA


Karen Tso co-anchors CNBC’s flagship show ‘Squawk Box’ in EMEA. The three-hour programme, which broadcasts worldwide five days a week, bookends the opening of European equity markets and is a must see for financial professionals, C-suite executives and investors