Initially, many analysts thought that the crisis would be relatively contained and there was also a view that there would be limited if any impact on the emerging market economies, the so-called decoupling hypothesis. Here again, the initial dominant view was that decoupling would occur and as such emerging or developing economies would emerge relatively unscathed.
This view was predicated on the fact that China and India have emerged as new sources of global economic growth. Nothing could have been further from the truth. Maybe we should have thought this out better. Whatever views existed on these decoupling hypotheses has been proven to be horribly wrong.