This book presents an economic survey of international capital mobility from the late nineteenth century to the present. ÍNDICE: 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 marke