International Capital Flows in an Uncertain Policy Environment

Currently several forces challenge the persistence of the monetary global order simultaneously. First, geoeconomic fragmentation and regionalisation are becoming more pronounced, not only in trade of goods and services but also in capital flows. Second, the international role of the US dollar is being tested given the fading political willingness to uphold its status as the dominant currency. Third, technological innovation and the rising relevance of non-traditional actors are affecting significantly the financial sector, as well as the payment systems, and ultimately capital flows.

To contribute to the debate, the European Commission (Directorate‑General for Economic and Financial Affairs, DG ECFIN) and the Journal of International Money and Finance (JIMF) are organising a workshop on “International capital flows in the current uncertain policy environment”.   The goal is to bring together researchers and policymakers to discuss innovative research on challenges arising in a globally interconnected context. The workshop will be held at the European Commission in Brussels, on 8-9 March 2027. Gian Maria Milesi-Ferretti will deliver the opening keynote. 

Submissions of mainly empirical papers are welcome.

A non-exhaustive list of topics includes:

• The impact of international capital flows on global and macroeconomic imbalances.
• Determinants of capital flows, interest rates and exchange rates.
• Policy tools for the managing capital flows and their effectiveness.
• Global and euro area financial integration.
• Macroeconomic and financial effects of geopolitical fragmentation, and the international macroeconomic policy response.
• Heterogeneous impact of macroeconomic shocks and spillovers in a currency union.
• Consequences for growth and domestic stability from the transmission of large swings in cross-border capital flows.

There will be a discussant for each paper.

Selected papers presented at the workshop will be considered for a Journal of International Money and Finance special issue. The guest editors of the special issue will be Menzie D. Chinn and Matteo Salto.  Authors submitting a paper are asked to indicate whether they wish their paper to be considered for the special issue.JIMF retains right of last refusal for any submission. Papers will be refereed according to usual academic standards, and authors will be notified by 1 December 2027. Authors are thus strongly encouraged to present papers that are already relatively complete and polished, at the workshop.

The deadline for submitting papers is 3 November 2026. Please submit papers [or extended abstracts] in pdf format to ecfin-capital-flowsec [dot] europa [dot] eu (ecfin-capital-flows[at]ec[dot]europa[dot]eu) . Preference will be given to completed papers and to detailed drafts. The selected contributors will be notified by 23 November 2026. Workshop attendance is by invitation only.

Travel and hotel expenses of academic authors and discussants will be covered (economy class and subject to travel cost limits). Hotel expenses of authors and discussants based at policy institutions can also be covered by the organisers (please contact the workshop organisers if no travel funds from home institutions are available).
 
Special Issue guest editors:

• Menzie D. Chinn
• Matteo Salto

Organising Committee:

• Erza Aruqaj
• Matteo Salto
• Stefan Zeugner

Contact & questions:  ecfin-capital-flowsec [dot] europa [dot] eu (ecfin-capital-flows[at]ec[dot]europa[dot]eu)