The excess of saving over investment in the emerging world, especially Asia, was one part of the story of how the search for yield led to excessive risktaking.
This is not to blame Asia for the crisis, but simply to state the obvious: that for people to misuse abundant capital as they did, there has to be a fair bit of it around to begin with. As it has turned out, there was more of it than the United States and some other developed countries were able to use wisely.