The objective of this course is to help students gain a better understanding of the nature of economic crises that had occurred in the low-income developing countries and emerging market economies from the 20th century to the early 21st century. Those economic crises are decomposed into the following two types: one is the “Current Account Crisis” that would generally take place in low-income developing countries and the other is the “Capital Account Crisis” that had taken place in emerging market economies in the past decade—particularly in East Asia. The crisis that had happened in other emerging market economies—such as Russia, Brazil, Turkey, and Argentina—could be categorized as the ones that shared the features of both the Current and Capital Account Crises (so-called “In-Between Crisis”). Also, the course will discuss about the post-crisis economic conditions and recent financial market moves (i.e. yen’s carry trade, August 2007 financial turbulence, inflows of capital to emerging market economies). The course will also cover macroeconomic policy prescriptions applicable to the Current Account Crisis and Capital Account Crisis, as well as relevant policy issues that have been intensively discussed in the international community (such as IMF policy and its conditionality, sequence of liberalization, proper exchange rate regimes).