potential challenges for Brazil. The Fed's communications related to normalization have improved significantly since the taper … anticipated tightening of monetary policy in history. While Brazil could benefit from tighter global financial conditions … crucially important for Brazil. Adverse spillovers can be mitigated by strengthening policy frameworks and fundamentals …

Russia had more-or-less completed the privatization of its manufacturing and natural resource sectors by the end of …, lowered real interest rates, and spurred investment. Instead, Russia suffered a massive public debt-exchange rate … interaction among Russia's deteriorating fiscal fundamentals, its weak micro-foundations of growth and financial globalization …

Russia had more-or-less completed the privatization of its manufacturing and natural resource sectors by the end of …, lowered real interest rates, and spurred investment. Instead, Russia suffered a massive public debt-exchange rate … interaction among Russia's deteriorating fiscal fundamentals, its weak micro-foundations of growth and financial globalization …

Russia had more-or-less completed the privatization of its manufacturing and natural resource sectors by the end of …, lowered real interest rates, and spurred investment. Instead, Russia suffered a massive public debt-exchange rate … interaction among Russia's deteriorating fiscal fundamentals, its weak micro-foundations of growth and financial globalization …