In general, the paper by Sundararajan, Ariyoshi, and Ötker-Robe succeeds in what it sets out to do—that is, it provides a very comprehensive overview of the issues revolving around capital flows and liberalization of the capital account and the impact on an economy’s financial system. This comment is arranged in four main sections, based on points they covered: linkages between capital mobility and financial stability; systemic responses; sequencing of capital account liberalization and supporting policies; and concluding remarks.