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| List of Tables | |
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| List of Figures | |
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| Acknowledgments | |
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| Preamble | |
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| Global Capital Markets: Overview and Origins | |
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| Theoretical benefits | |
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| Problems of supranational capital markets in practice | |
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| The emergence of world capital markets | |
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| Trilemma: Capital mobility, the exchange rate, and monetary policy | |
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| Global Capital in Modern Historical Perspective | |
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| Globalization in Capital Markets: Quantity Evidence | |
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| The stocks of foreign capital | |
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| The size of net international flows | |
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| The saving-investment relationship | |
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| Variations in the types of capital flows | |
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| Caveats: Quantity criteria | |
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| Globalization in Capital Markets: Price Evidence | |
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| Exchange-risk-free nominal interest parity | |
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| Real interest-rate convergence | |
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| Purchasing power parity | |
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| Caveats: Price criteria | |
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| Summary | |
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| The Political Economy of Capital Mobility | |
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| Globalization in Capital Markets: A Long-Run Narrative | |
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| Capital without constraints: The gold standard, 1870-1931 | |
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| Crisis and compromise: Depression and war, 1931-1945 | |
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| Containment then collapse: Bretton Woods, 1946-1972 | |
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| Crisis and compromise II: Floating rates since 1973 | |
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| Measuring integration using data on legal restrictions | |
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| Summary | |
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| Monetary Policy Interdependence and Exchange-Rate Regimes | |
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| Measuring interest-rate interdependence | |
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| Data sources | |
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| Persistence of nominal interest rates | |
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| Empirical findings: Pooled annual differences | |
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| Empirical findings: Individual-country dynamics | |
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| Summary | |
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| The Changing Nature of Government Credibility | |
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| Five suggestive cases | |
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| Econometric analysis | |
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| Summary | |
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| Lessons for Today | |
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| Uneven Integration | |
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| Foreign capital stocks: Net versus gross | |
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| Foreign capital: Rich versus poor | |
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| Has foreign capital always been biased toward the rich? | |
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| How much have poor countries liberalized their markets? | |
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| Summary | |
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| Uneven Rewards and Risks | |
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| Borrowing to finance capital accumulation | |
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| The role of cost distortions | |
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| Financial opening and economic performance | |
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| The role of institutions | |
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| Capital controls and growth | |
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| Open markets, volatility, and crises | |
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| Summary | |
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| Data Appendix | |
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| Bibliography | |