More on the 'emerging' markets crisis
The Lex column in the FT today also argues that the crisis is going to get much worse in developing countries. Their argument is based on the current account deficits. I've discussed that yesterday here. Note that the figure used to illustrate the point shows the current account as a share of GDP (as a share of exports is always better, since it gives a sense of the amount of the country's source of hard currency), and also the stock market, which seems to be doing better in countries with surpluses.