It has been consistently pointed out that "for every bad borrower, and for every failed project, there is also a culpable lender or investor." This observation lends itself to the current debate within the capital markets of the G-10 nations of whether private sector players should bear greater responsibility and the costs of managing crises when they occur. In analyzing the "plumbing" of the new international financial architecture, critics have thus far devoted enormous attention to the demand side - structural weaknesses in emerging markets and ineptitude of the IMF - an understandably relaxed attitude since the G-10 nations were hardly affected by the crises of 1997-98. This study identifies and seeks to bridge an "unconnected pipe" in the plumbing by examining the supply side. How can G-10 capital suppliers reform their system to contribute to a safer world of capital mobility? Hufbauer and Dobson draw a big picture of the international capital markets through a comprehensive coverage of capital flows and the balance between costs and benefits of cross-border capital flows, as well as the market players driving them. The authors call for reforms in the context of inherent volatility in bank lending and portfolio investment, recommending specific measures and their implications for changing the rules of the game.