The fact that the capital spending boom is still going strong indicates that businesses continue to find a wide array of potential high-rate-of-return,  BIS Review 21/2000  2  productivity-enhancing investments. And I see nothing to suggest that these opportunities will peter out any time soon.
I believe that free capital mobility is the key factor underlying not only the appropriate choice of exchange rate regime, but also understanding the recent crises in emerging markets. There is a broad consensus today that the sudden reversal of capital flows played a central role in triggering recent crises.