But for the sake of simplicity, I will try to comment and conjecture on general trends in these countries, without neglecting international differences. Specifically, I will organize my remarks as follows.
First, I will examine the effects of expansionary monetary policies of the main advanced economies on emerging-market countries; second, I will discuss the implications of the recent change in market sentiment; and third, I will identify some policy challenges faced by emerging economies in dealing with this rapidly changing international environment.