Author: Anita Hawser  Proponents of the theory that emerging
markets are decoupling from the West’s economies have had a
tough year. Their vision may yet be coming true, though.  If the
United States sneezes, the rest of the world catches a cold.”
That is the adage that has characterized global markets for the
past several decades and is borne out by the fact that past US
financial upheaval, including the dot-com collapse, saw economic
growth decline in other markets, with some of the biggest falls
in Latin America as well as Asian markets.  According to
International Monetary Fund (IMF) analysts, the potential size
of spillovers from economic downturns in the US has increased
with greater trade and financial linkages. As the world’s
largest economy, the US is the largest importer of goods and
also boasts a sizeable and globally influential financial
market. Additionally, those developing markets that have
sustained fixed exchange rate regimes and higher levels of
external debt denominated in US dollars have