Since the publication of the first edition of Macroeconomics in Emerging Markets in 2003, I have used the book in my master's-level courses at Williams College and have lectured from it to a wide range of policy audiences, particularly at international financial institutions. In doing so, I became aware of several potential opportunities for improving the book that held the promise of both rendering it more user-friendly for students and substantially increasing its current policy relevance. This new edition incorporates changes that are intended to clarify and enrich the exposition in the first edition and to introduce a substantial amount of new material. The changes relative to the first edition are of six types, as follows.

CLEARER LANGUAGE, MORE DIAGRAMS, LESS TAXONOMY

The first edition was closely written, and frankly, many of my students found it to be terse in places. The new edition reflects a substantial amount of rewriting to make the language less terse where that seemed indicated and to develop ideas in a more gradual, step-by-step fashion. As part of this process, this new edition makes more extensive use of diagrams than the first, and the diagrams are presented more clearly (e.g., by including arrows to denote the direction of curve shifts).