According to conventional wisdom, capital flows are fickle. Focusing on emerging markets, this paper asks whether this conventional wisdom still holds in the contemporary world. The results show that, despite recent structural and regulatory changes, much of it survives. FDI inflows are more...

I. Background. 1 Introduction -- 2 A century of capital flows -- II. Capital account liberalization. 3 Capital account liberalization : what do the cross-country studies tell us? -- 4 When does capital account liberalization help more than it hurts? with Carlos Arteta and Charles Wyplosz -- III....

As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been...