Pre-requisites: FE721/722. Emerging markets (EMs) are an expanding asset class in the world of global finance. The objective of this course is to give students a technical framework for analyzing EM risk in a portfolio context. Knowing how individual EM countries respond to global challenges allows investors to better evaluate the risks and potential returns associated with investing in these economies. While the basic laws of economics and finance that apply to EMs are not different from those that apply to developed markets (DMs), there are important and often misunderstood factors that differentiate one group of countries from the other.