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Part I. Preamble: 1. Global capital markets: overview and origins: 1.1 Theoretical benefits 1.2 Problems of supernational capital markets in practice 1.3 The emergence of world capital markets 1.4 The trilemma: capital mobility, the exchange rate, and monetary policy Part II. Global Capital in Modern Historical Perspective: 2. Globalization in capital markets: quantity evidence: 2.1 The stocks of foreign capital 2.2 The size of international flows 2.3 The saving-investment relationship 2.4 Caveats: quantity criteria 3. Globalization in capital markets: price evidence: 3.1 Real interest rate convergence 3.2 Exchange-risk free nominal interest parity 3.3 Purchasing power parity 3.4 Caveats: price criteria 3.5 Summary Part III. The Political Economy of Capital Mobility: 4. Globalization in capital markets: a long-run narrative: 4.1 Capital without constraints: the gold standard, 1870-1931 4.2 Crisis and compromise: depression and war, 1931-46 4.3 Containment then collapse: Bretton Woods, 1946-71 4.4 Crisis and compromise II: the floating era, 1971-99 4.5 Measuring financial integration using data on legal restrictions 5. The trilemma in history: 5.1 Methodology 5.2 Data sources 5.3 Stationarity of nominal interest rates 5.4 Empirical findings: pooled annual differences 5.5 Empirical findings: individual-country dynamics 5.6 Conclusion 6. Sovereign risk, credibility, and the gold standard: 6.1 Five suggestive cases 6.2 Econometric analysis 6.3 Conclusion Part IV. Lessons for Today: 7. Uneven rewards: 7.1 Foreign capital stocks: net versus gross 7.2 Foreign capital flows: rich versus poor 7.3 Foreign capital stocks: rich versus poor 7.4 Then: has foreign capital always been biased to the rich? 7.5 Now: have poor countries really liberalized their markets? 7.6 Variations in the types of capital flows 7.7 Summary 8. Uneven risks: 8.1 Open markets, crises, and volatility 8.2 Crises, controls and economic performance 8.3 Contagion and self-fulfilling crises 8.4 Market failure, government failure, and policy choices.