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According to conventional wisdom, international capital mobility has increased significantly over the last twenty years due to financial globalization. Surprisingly, the empirical work carried out by Feldstein-Horioka and most subsequent research fails to confirm this increase in capital mobility. However, when econometric results are reconsidered, new evidence appears which challenges the usual empirical findings. Feldstein-Horioka-related regressions suggest that international mobility has actually increased in the long run, and moreover that the early 1980s saw an acceleration in this upward trend. This is the case for all industrialized countries, whatever their size. Nevertheless, for emerging countries saving and investment rates are still highly correlated. Taken as a whole, a lower investment-saving correlation is related to higher independence of international capital flows with respect to domestic savings. We find that the linear relationship between investment and savings rates hinges on a pivotal point, which is the global saving rate. This criterion makes it possible to classify countries according to their respective situations. Thus, it appears that countries have not benefited equally from the liberalization of financial markets.