????隨著歐洲債務危機正在向高速發展的新興市場經濟蔓延，始于歐洲的這場經濟瘟疫正逐漸演變成一場世界范圍內的“大流感”。由于擔心全球經濟將再次陷入衰退，上周四，韓國、俄羅斯和巴西的股市紛紛出現大幅下跌，拋售風潮一直持續到周五。目前的“止損”交易范圍已經擴大到幾乎所有資產類別，只有美元依然是投資者心目中唯一的“避風港”。

????但從經濟基本面來看，新興市場似乎更具優勢，一旦危機恐慌有所緩解，這些國家將會出現大規模的經濟反彈。這就要求新興市場國家政府采取快速有效的措施，以保證本國經濟能夠挺過眼下的市場動蕩，繼而以強大的投資市場新身份重新亮相，吸引更多的華爾街投資者。

????過去兩年間，美國經濟疲軟，因此為了獲得收益，華爾街投資者紛紛瞄準了新興市場。例如，巴西和俄羅斯等以大宗商品為主的經濟體以及中國和韓國等以出口為主的經濟體為華爾街的股票及外匯投資商帶來了兩位數增長比例的經濟回報，遠遠高于發達經濟體。結果，投資于歐美股票市場的美元暢通無阻的流出，與此同時，亞洲和拉丁美洲國家股市的美元數量大幅增長；而在外匯交易方面，外匯交易商紛紛回補美元空頭倉位，導致新興市場經濟體的貨幣幣值較美元有所提升——在巴西和澳大利亞兩國尤甚。摩根大通集團（JP Morgan）發布的數據顯示，到目前為止，僅今年流入新興市場的固定收入類資金一項就突破360億美元。

????但是，這種積極局面可能即將結束。因為在過去的幾個交易期中，新興市場首當其沖，經濟遭受重創。摩根士丹利資本國際（Morgan Stanley Capital International, MSCI）新興市場指數本周下跌11個百分點，為2008年以來的最大跌幅。韓國綜合指數昨晚收盤下跌5.73%，報收1,697點，創15個月以來的最低水平。菲律賓也遭遇了同樣的命運，以跌幅5.13%收盤。素有亞洲股市“風向標”之稱的中國香港恒生指數，本周以9%的跌幅收盤，成為2008年10月份以來跌幅最大的一周。更糟糕的是，在過去的一年里，大部分新興市場國家的貨幣兌美元匯率一直保持良好的上升趨勢，但在上周卻出現了回落。

????股票交易中心最新數據顯示，截至9月21日的最近一周內，新興市場股票基金共有14億美元資金凈流出。并且，沒有任何跡象顯示，新興市場的股票拋售浪潮將會有所減緩。周五，僅韓國的資金流出便達到了1.83億美元。

????上周三下午，美聯儲（Fed）宣布推行新的“長短期利率行動”（Operation Twist）計劃，緊接著各新興市場便出現了拋售浪潮。美聯儲此舉旨在降低長期利率，但市場普遍認為，相對于其之前施行的量化寬松政策，這項措施的效果有限。出于對通貨膨脹的擔憂，上周四上午，投資者紛紛開始撤離新興市場，進一步加劇了全球范圍內的股票拋售。

????The European economic contagion is threatening to become a worldwide flu as the financial turmoil spreads to the once high-flying emerging market economies. Stock indices from South Korea to Russia to Brazil plummeted on Thursday and continued their sell off on Friday amid fears that a global recession may be underway. The "risk off" trade has now enveloped nearly every asset class at this point, leaving just the U.S. dollar as the world's sole safe haven investment.

????But the economic fundamentals may be on the side of the emerging markets, setting them up for a major relief rally once the panic has abated. Swift action is needed by the governments of these countries to make sure that their economies can survive this market rout and re-emerge as strong investment alternatives for Wall Street.

????The emerging markets have been the darlings of Wall Street for the last two years as investors sought yield amid anemic growth rates in the U.S. Commodity-driven economies like Brazil and Russia as well as export-driven economies like China and South Korea have delivered double-digit percentage returns to equity and currency investors, outperforming established economies. Investment dollars flowed freely out of U.S. and European stock markets and pumped up those in Asia and Latin America, while currency traders took out short dollar positions, raising the value of emerging market currencies versus the greenback, especially in Brazil and Australia. So far this year, inflows into emerging market fixed income funds alone were $36 billion, according to JP Morgan (JPM).

????But that may all be coming to an end. It was the emerging markets that took the brunt of the burn of the last few trading sessions, with the MSCI Emerging Markets Index losing 11% on the week, its biggest loss since 2008. Stocks in Korea closed overnight down 5.73% to 1,697, that market's lowest close in 15 months. It was the same story in the Philippines, which closed down 5.13%. And the Asian benchmark Hang Seng Index in Hong Kong closed the week down 9%, its worst weekly loss since October 2008. To make matters worse, most emerging market currencies have reversed their gains for the whole year against the U.S. dollar in just the last week.

????Total emerging market equity funds have seen $1.4 billion in redemptions for the week ended September 21st, the latest data available from exchanges. There are no signs of the sell-off abating, with $183 million of outflows seen just in Korea on Friday.

????The vast majority of this selling occurred following the Fed's announcement of its new "Operation Twist" plan Wednesday afternoon. The markets felt that the Fed action, which hopes to lower long-term interest rates, would not be as effective as another round of quantitative easing. Inflation fears caused investors to start pulling out of the emerging markets Thursday morning, which exacerbated the sell-offs around the globe.