One of the main features of the globalising economy is the surge of cross-border capital flows around the world in the form of portfolio as well as foreign direct investment. In this book, H. Johannes Witteveen (former Managing Director of the IMF), Stephany Griffith-Jones (IDS, Sussex), Zdenk Drábek (WTO) and Percy Mistry (Oxford International) give their views on the current policy challenges facing the international financial community. Witteveen presents a broad, long-term perspective on globalisation; Griffith-Jones looks at the regulatory challenges of surges in capital flows for source countries; Drábek presents an advocacy paper for the envisaged and much-debated Multilateral Agreement on Investment; and Mistry gives an original and well-informed account of the challenges to national and international financial institutions posed by emerging markets.