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. Crises. 5. Exchange market mayhem : the antecedents and aftermath of speculative attacks / with Andrew Rose and Charles Wyplosz -- 6. Contagious currency crises / with Andrew Rose and Charles Wyplosz -- 7. The Baring crisis in a Mexican mirror -- 8. The EMS crisis in retrospect -- 9. Understanding Asia's crisis -- IV. Policy implications. 10. Capital controls : capital idea or capital folly? -- 11. Taming capital flows