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budget and debt ceiling, has already led economists to push back their expectations for when the Fed will begin to taper its asset purchases.
"There is every indication that Yellen has a very sensitive ear to the issues of spillovers, the concerns of emerging markets and understanding of the need of a more consistent way of communication," South Africa's Finance Minister Pravin Gordhan told Reuters on the sidelines of the IMF and World Bank semiannual meetings this weekend.
His Brazilian counterpart, Guido Mantega, told Reuters he favored a gradual withdrawal of the U.S. stimulus.
BE CAREFUL WHAT YOU WISH FOR
Some analysts, however, said emerging markets would do better shoring up their economies than pinning their hopes on the Fed's ability to avoid market disruptions.
"When the tapering comes it will be tough for everyone," said James Barrineau, who helps manage $1.89 billion in emerging market debt for Schroders Plc. "We will see additional volatility in the market."
"The assumption that we will have a period of smooth sailing is misguided," he said.
Emerging nations are better prepared to handle higher U.S. borrowing costs than they were in the past, but they still need reforms to strengthen their economies.
A decade of high commodity prices, rising global liquidity and rapid growth that brought dozens of millions of poor into the middle class bolstered the finances and economies of nations from Turkey to Mexico and Brazil.
However, those engines of the global economy have lost steam in the last few years as structural reforms to relax labor laws and bring in long-term investment have lagged.
"I think it's good to have some pressure on emerging-market nations for them to do their own homework," said Alberto Ramos, chief Latin America economist for Goldman Sachs. "It's good that they find endogenous sources of growth rather than just ride the global wave of high liquidity."
Without those reforms many emerging economies could get burned if the Fed ends up dragging its feet for too long and decides to correct course drastically later on.
"When the Fed realizes that they need to taper it would be a bit late and they may need to do it faster,"