One of the notable features of the past month’s mounting worries in the credit and money markets has been the resilience of emerging markets – usually among the first and hardest to fall during periods of financial turmoil.

Emerging market bond and equity prices have taken a hit as has have most other markets. “The sell-off ran according to script,” says Michael Hartnett, strategist at Merrill Lynch. But in a departure from the past, the sell-off in emerging markets was not sharper than in developed markets. Indeed, equities have recovered vigorously.