How can I modify vertical space between figure and caption?

Question

\documentclass{article}
\usepackage[draft]{graphicx}
\begin{document}
\begin{figure}
\centering
\setlength\fboxsep{124pt}
\setlength\fboxrule{1pt}
\fbox{\includegraphics{dummy}}
\caption{Dummy caption}
\end{figure}
\end{document}

How can I increase vertical space between figure and caption?

Answer 1

Modify the lengths \abovecaptionskip and \belowcaptionskip to suit your needs:

\setlength{\abovecaptionskip}{15pt plus 3pt minus 2pt} % Chosen fairly arbitrarily

The default values are 10pt and 0pt.