8  See K. H. O'Rourke and J. G. Williamson (1999), Globalization and History; The Evolution of a NineteenthCentury Atlantic Economy, and R. Battellino (2006), Regional Capital Flows, a speech to the 6th APEC Future Economic Leaders Think Tank, Sydney, 28 June. 2  BIS Review 20/2008  exchange rates are generating unprecedented reserve accumulation, as central banks intervene to forestall exchange rate adjustment.
9 In contrast to earlier periods where emerging markets imported capital to finance investment, today's largest emerging economies are important capital exporters, to such an extent that they have been significant drivers of lower global long-term interest rates.