The sudden stop problem in capital flows to emerging markets has been analyzed since 1991. While the frequency and duration of sudden stops have stayed similar, global factors now play a bigger role compared to country-specific factors. Sudden stops affect different parts of the world at the same time instead of regionally. Policy makers can respond more flexibly due to stronger economic frameworks, but this doesn't fully protect against the impact of sudden stops. This shows that dealing with capital-flow volatility is still a big challenge.