This course builds on the first year macroeconomicssequence 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.