Editor's note.

• Author: Dorn, J.A.
• Position: Editorial

The articles in this issue of the Cato Journal were first presented at the Cato Institute's 22nd Annual Monetary Conference, "International Monetary Reform and Capital Freedom," cosponsored by The Economist, October 14, 2004. Globalization has substantially increased the flow of private capital available to emerging markets compared with official flows from multilateral institutions. Capital tends to flow to those countries that pursue sound policies while countries with poor policy performance lose capital or fail to attract it.

This world of mobile capital raises important policy issues: What is the impact of mobile capital on the conduct of monetary policy? Can the International Monetary Fund help stabilize international financial markets or does IMF lending--which...