FTFM A decade ago, even the idea of emerging markets as a safe haven would have been unthinkable. The Asian financial crisis in 1997 and the Russian domestic debt default a year later were two big reminders of the potential risks that come along with investing in the asset class.
But now, such a suggestion is gaining resonance among some investors. One of the most notable features of the credit squeeze that took hold of financial markets over the summer was the resilience of emerging markets. Even as problems mounted in western finance, investors continued to buy assets from developing nations, everything from the Turkish lira, to Brazilian bonds and Chinese shares.
