This course builds on the first year macroeconomics sequence and focuses on issues of particular interest for emerging economies. We start by presenting the patterns of international capital flows and the substantial changes that occurred over the last ten years. We then review the analytical frameworks of international macroeconomic policy and balance of payments and financial crises. The class then considers the policies available for managing capital flows, as well as the experience with them. A particular focus is put on the impact of the global financial cycle, reserve accumulation, capital controls, and macroprudential policy. Students are expected to be familiar with the building blocks of international macroeconomic models. The evaluation will be based on a midterm exam (35 % of grade), a final exam (35 %) and a paper (30 %). The paper will be a review (6-7 pages) of a specific topic covered in the class, presenting the issue, the state of research, and open questions. Students will have to select the topic of the paper by the midterm, and turn in the paper by the end of the course.