*  *  *  It is an honor to participate in this conference on asset and liability management organized by Central Banking Publications. I would like to thank this organization for the invitation to be here with you, and also for their many contributions to the field through significant analysis and information on urgent issues faced by central banks around the world.
I will focus on some implications of unconventional monetary policies in advanced countries for the global economy and financial markets. To this end, I will first attempt to analyze the possible benefits and costs of the unusual monetary accommodation that characterizes today’s international environment. Then, I would like to describe some of the effects of these stances on emerging-market economies.