We calculate the spectrum of blast-wave models of gamma-ray burst sour
ces, for various assumptions about the magnetic field density and the
relativistic particle acceleration efficiency. For a range of physical
ly plausible models we find that the radiation efficiency is high and
leads to nonthermal spectra with breaks at various energies comparable
to those observed in the gamma-ray range. Radiation is also predicted
at other wavebands, in particular at X-ray, optical/UV, and GeV/TeV e
nergies. We discuss the spectra as a function of duration for three ba
sic types of models, and for cosmological, halo, and galactic disk dis
tances. We also evaluate the gamma-ray fluences and the spectral chara
cteristics for a range of external densities. Impulsive burst models a
t cosmological distances can satisfy the conventional X-ray paucity co
nstraint S(x)/S(y) less than a few percent over a wide range of durati
ons, but galactic models can do so only for bursts shorter than a few
seconds, unless additional assumptions are made. The emissivity is gen
erally larger for bursts in a denser external environment, with the ef
ficiency increasing up to the point where all the energy input is radi
ated away.