This study assesses the evolving trends and impacts of capital flows, especially portfolio flows, to SEACEN member economies. More importantly, it offers policy insights on managing volatile capital flows in the broader context of monetary policy objectives and other considerations of small, open, and financially integrated economies. The discussions and empirical findings of this study provide deeper insights on the evolving complexities of international financial systems and structures, vulnerabilities and risks that arise from volatile financial flows, as well as the rationale for a more robust policy framework.