The course provides an analysis of international financial integration, focusing on financial crises. After presenting the main concepts related to the external accounts, and addressing the implications of financial market integration, the course focuses on financial crises. First it examines the sources and consequences of current account imbalances, sudden stops of capital inflows, and debt crises. Then, it presents theory and evidence on currency crises, balance sheet crises, and concludes with the analysis of the European sovereign debt crisis.