1 Business-CycleFacts Around the World 1

2 An Open EndowmentEconomy 35

3 An Open Economywith Capital 79

4 TheSmall-Open-Economy Real-Business-Cycle Model 103

5 Emerging-CountryBusiness Cycles Through the Lens of the SOE-RBC Model 203

6 Interest-RateShocks 243

7 Importable Goods,Exportable Goods and the Terms of Trade 285

8 Nontradable GoodsAnd The Real Exchange Rate 345

9 Nominal Rigidity,Exchange Rates, And Unemployment 389

10 Exchange RatePolicy And Capital Controls 481

11 PolicyCredibility And Balance Of Payments Crises 527

12 CollateralConstraints And Overborrowing [Incomplete] 565

13 SovereignDefault 585

References 753