Think emerging market economies are two small to worry about? Think again. Think the turbulence within emerging markets is going to affect the global economy? Think again, again.
Okay, that’s a lot of thinking. But Ed Yardeni at Yardeni Research makes the point that emerging markets aren’t what they used to be: “The last major emerging markets crisis was in 1997, when East Asian economies had a financial meltdown, and again in 1998, when Russia hit the fan. But collectively, they were relatively tiny and had no significant impact on the U.S. and global economies.”