Something is different this time around. Or is it? When European and US investors take fright, emerging markets usually suffer first and worst. But this time, as developed markets become more volatile and introspective, their emerging cousins sail serenely on. Some say a secular change has taken place.
Not everyone is convinced that a new page has been turned, but the facts of the moment are undeniable. While London and New York agonise over credit crunch fallout, resurgent inflation and the threat of recession, São Paolo and Moscow, Bombay and Shanghai are busy setting new records.
