Investment policy

OECD countries adopt a strengthened framework for ensuring orderly capital flows




An open and transparent international system of orderly capital flows can underpin global growth and stability. In light of the increasingly interconnected global financial and economic system, faced with heightened capital flow volatility, significant value is attached to credible commitment mechanisms that signal to economic partners that investment channels will remain open. This, in turn, can help countries to continue to attract the long-term, high-quality capital needed to support inclusive growth and sustainable development.


For almost 60 years, the OECD Code of Liberalisation of Capital Movements has provided a balanced framework for allowing countries to progressively remove barriers to the movement of capital, while providing flexibility to cope with situations of economic and financial instability. Throughout this period, the OECD has provided a forum for international dialogue and co-operation.


The review of the Code launched in 2016 has now been completed and was adopted by Ministers at the OECD's annual Ministerial Council Meeting in Paris on 22-23 May 2019. The review has made the instrument both stronger - with more effective governance, transparency, and decisionmaking – as well as more adapted to current requirements of capital flow management, notably in light of new financial stability challenges.

OECD Code of Liberalisation of Capital Movements


OECD Code of Liberalisation of Current Invisible Operations


User's Guide for the OECD Codes


News release - OECD presents revised Codes on capital flows to the G20 


Why is an open and transparent international system of orderly capital flows important?

We asked OECD Chief Economist Laurence Boone and Korea's first Vice-Minister of Economy and Finance Ho Seung Lee for their views




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21 October 2020International Capital Flows and Financial Policies Workshop 

11 September 2019 - Paris, France High-level policy seminar on Integration or Fragmentation? International Capital Flows in the Post-Crisis World 


Measurement and Identification of Capital Inflow Surges - Technical Note, 2019

Reserve Requirements: Current Use, Motivations and Practical Considerations - Technical Note, 2019 

Terms of reference for the 2016-2019 review

Open and Orderly Capital Movements: Interventions from the 2016 OECD High-Level Seminar, 2017

More about the OECD Codes of Liberalisation






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