December 3rd, 2018

We are excited to announce that the CFDS jointly with the Beijing Normal University Business School (BNUBS), and the School of Economics at the University of Cape Town (UCT) are organizing an Open Access Special Issue on “Poverty and Inequality: Evidence from the BRICS and Beyond” to be published in the journal Economic Modelling as part of their cooperation under the umbrella of the BRICS Network University (BRICS NU).

Call for Papers

2018 Winners of the Nikkei Prize

November 5th, 2018

Prof. Kiyohiko G. Nishimura (CFDS Academic Board Member) was awarded the 2018 Nikkei price for his book "Economics of Pessimism and Optimism" from Springer. The Nikkei prize is considered the most prestigious award for books in economics by Japanese authors. ( available in Japanese only)

Prof. Nishimura is the first author that was awarded with this prize for books written in English twice, in 1993 he won the award for his book "Imperfect Competition, Differential Information and Microfoundations of Macroeconomics" from Oxford University Press.

The CFDS congratulates to this unprecetended achievement and wants to seize the opportunity to thank Prof. Nishimura once more for his continued support of our center.

September 30th, 2018


International relations are at a crossroad. A single misstep could yield desaster and shape the future of global cooperation for decades to come. Maybe, the world is in dire need of a superhero. But then, maybe this wish for a hero was at the core of our problems all along. Read our op-ed on superheroes and the global trade conflict to learn more.


Policy Forum 4 (September 2018)

Picture from the 4th HenU/INFER Workshop on Applied Macroeconomics

September 27th 2018

Our 5th HenU/INFER Workshop will be held on March 29th and 30th, 2019 (post-conference trip on March 31st). We are excited to announce our keynote speakers for the 2019 workshop - Prof. Lawrence Christiano from Northwestern University, Prof. Randall Wright from the University of Wisconsin Madison and Prof. Joshua Aizenman from the University of Southern California. Selected, excellent papers will be considered for a special issue in Journal of International Money and Finance on "Monetary and Fiscal Fragility in the 2020s". Visit our Conference Website for more information or directly submit your paper now via conferencemaker.

August 22nd, 2018

Discussion Paper 2018/6 is now available: El-Shagi, M. / Yamarik, S.: IMF Conditionality and Capital Controls: Capital Account Liberalization to Capital Inflow Management?


Since the end of the Bretton Woods system, promoting capital account liberalization has been one of the tenants of the IMF. Capital account liberalization was deemed one of the 10 pillars of what was often dubbed the Washington Consensus. Yet things changed drastically with the Global Financial Crisis of 2008. From 2009 to 2012, comments from top IMF officials and staff reports displayed quite clearly that the IMF had revised its position where capital controls could be part of the toolkit. In this paper, we assess the role of the IMF in capital account liberalization from 1995 to 2015. We use a midpoint-inflated ordered probit model to estimate the effects of being under IMF conditionality on capital controls, allowing for different effects for pre- and post-Financial Crisis. We find that the IMF did indeed drive liberalization of capital inflows in the precrisis era, but stopped doing so in the post-crisis period.