The turmoil in emerging markets isn’t a re-run of the Asian and Russian Crises of the late 90s, which led to financial havoc and steep recessions in various countries.

It is true that countries including Argentina, India, Russia, South Africa and Turkey have suffered sharp losses to their currencies as the U.S. Federal Reserve tapers its massive stimulus program, resulting in an abrupt switch in capital flows away from the developing world.      

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