But the firestorms that swept emerging market assets this week leapt across from the crises burning in Europe and the US.
Optimists still argue that many big emerging markets have done much to raise their defences. But Monday's huge corrections in equity markets have undermined the idea that the developing world has grown immune to shocks to confidence, international capital flows and trade.
In theory, emerging markets are much more secure than during previous episodes of weakness – such as Latin America's “lost decade” in the 1980s or the Asian and Russian financial crises.
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