The storm in emerging markets spreads West

Emerging-market angst is now hitting Western stocks. How worried should investors be?

So much for the developed and developing worlds decoupling'. Just as emerging markets couldn't escape the credit crunch in 2008, so emerging-market angst is now hitting Western stocks. But how worried should investors really be?

The last time there was an emerging-markets crisis, in the late 1990s, developing economies were only worth around 20% of global GDP. Now they comprise 40%.

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