Analysis of the determinants of international capital movements, trade imbalances, and nominal and real exchange rates. Policy debates such as the foreign indebtedness of the United States, emerging market debt crises, exchange-rate-based inflation stabilization, and balance-of-payment crises. Same as ECON455 but with additional work. This course is not open to students who have taken ECON455. Pre-requisites: ECON205D and 210D. One course / 3 units.