 Recent structural changes and rapid growth in the asset management industry may be leading to an underpricing of liquidity risks, increased interconnectedness and, in general, accentuate financial stability challenges.  Crossover investors not specialized in emerging economies have enlarged their presence in the markets for these countries’ instruments, thereby increasing the potential for wide fluctuations in these assets’ prices.
 For the already noted reasons, the balance of risks for the world economy is clearly tilted to the downside, especially in the medium and long terms. 6  One must add to the above the emergence of vulnerabilities in a number of EMDEs.