In the most recent tumult, the currency crisis in the Turkish lira has spread and fueled risk-off sentiment for many emerging markets.

“Contagion risks from Turkey have impacted emerging markets with most high-yielders and consensus-long positions coming under material pressure in recent days,” Mark Dowding, a senior portfolio manager at BlueBay Asset Management, said in a note. “Countries with large current account deficits and substantial short-term funding needs appear the most.”

Holger Schmieding, chief economist at Berenberg, argued that since the strong economic growth since the financial crisis, many emerging markets benefited from improved private sector balance sheets and elevated foreign exchange reserves.

“This should help most of them to withstand the Turkish tremors with little damage,” Schmieding told CNBC. “China looks safe while high oil prices and an independent central bank support Russia.”

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