In the realm of international economics, where hard currency restraints and macro stabilization are standard fare and where words like "oligopoly" are uttered with a straight face, is it possible that there is room for a little levity?     Patrice Franko, associate professor of economics and international studies, thinks so. An advocate of the "case style" teaching method, in which real- life scenarios serve as the texts for examining economic theory, Franko puts her students squarely into the world of hyper-inflation, careening currencies and political upheaval in Central and South America over the past two decades. She draws on nearly 20 years of experience researching and writing about the economies of that region and a gift for clarifying the jargon-heavy language of international economics. And she does it with panache.     Franko wants her students to know the fundamentals of economic crises and their resolutions but also to understand how such events affect people's lives. Embedded in her lecture on monetary policy during the Brazilian crisis of the 1980s is a description of workers who purchased goods early each month because the 70 percent monthly inflation made their paychecks virtually worthless within weeks. "I need a way to teach economics to students whose economics tool boxes are different sizes," Franko said. "Every student may not understand the intricacies of inflationary economies, but they all have experience buying groceries."     Franko says that if she seems to make learning enjoyable it's because she's having fun doing it. "We have the best jobs in the world," she said. "We get to collectively talk and think about ideas all day. And they pay us for it."     A popular professor whose ties with students endure long after the students leave Mayflower Hill, Franko is respected both for her expertise and for her engaging style. Those who have worked closely with Franko are particularly grateful for her advocacy on their behalf. "She's incredible. She works so hard for students," said Jeana Flahive '98, an advisee and research assistant of Franko's, whose internship in Washington, D.C., Franko arranged. "Last fall I was trying to find a contact with a corporation in Guatemala for a research paper I was working on. Parents Weekend Patrice was running around talking to all of these people who might have connections down there, asking them if they knew anybody who could help me. Her husband, Sandy [Maisel], said to me, `She did more work for you today than anything.'"     Franko says her interest in finding opportunities for students stems from her own undergraduate experience. As a psychology and economics major at Bucknell, she had given no thought to graduate school until a mentor, professor Stephen Stamos, insisted that she consider continuing her education. "He got me thinking about the possibilities," she said. "That is both the goal and the gift I want to give my students."     Even after Stamos's intervention, however, Franko was not sure a Ph.D. was in her future. "But a few hours after I got a call from Procter and Gamble offering me a job, Notre Dame called to tell me they were giving me a free ride [to attend graduate school there]," Franko said. "I was saved from a career in soap."     She came to Colby in 1986 after two years teaching at Trinity College and spent the 1990-91 academic year as an AAAS Fellow at the Pentagon working in international security affairs. The experience tempted her to consider a career in policy work, she says, but love of teaching won out. The experience also solidified Franko's belief that hands-on work with policy agencies is crucial for faculty who teach international affairs.     In her class on Latin American economics, her "been there, seen that" experience produces helpful illustrations for students. During an explanation of the role that the secondary market on bank loans played during the 1980s debt crisis in Latin America, a student near the front of the classroom raised her hand. "I don't understand. How do you `buy' debt?"     Franko began, "Debt is an asset . . . " then paused. She reached down and picked up a paper off the desk, holding it aloft as she continued. "This paper is a note that says that you, Emily, owe me, the Bank of Patrice, one hundred dollars," she said. "The Bank of Patrice is risk averse--we don't want to take the chance that you won't repay the loan--and our costs of servicing this loan are high, so we sell this note to Darin over here for sixty dollars," she said, walking with the paper to another student's desk. "The note is still worth one hundred dollars. Darin is willing to pay me sixty dollars for it because he knows Emily and he knows she's a hard worker and will pay off the hundred dollars, in which case he will make a forty-dollar profit. And the Bank of Patrice is happy because we have improved our position by divesting ourselves of a risky loan."     Franko walked back to Emily's desk and waited for her acknowledgment that she understood the example. When Emily nodded, Franko handed her the piece of paper. "Here," she said with a grin, "this is debt forgiveness."     The class laughed.