First of all, decision-makers in the emerging countries have gained in past crises valuable experience of dealing with financial risks.
Capital outflow has been a recurring problem facing many emerging markets in the past few years as global investors reacted to the latest market developments. Many emerging economies are kind of used to it.
Secondly, economic growth in the emerging markets is still projected to remain dynamic in the foreseeable future.
According to latest forecasts from the International Monetary Fund (IMF), the average annual economic growth rate in the emerging economies could reach 6 percent in the next five years.
Thirdly, the Fed's exit from stimulus measures may not be bad news for the emerging markets after all.
The Fed will only exit from the stimulus measures when its economy is in steady recovery. A strong U.S. economy will benefit the rising economies.
In the meantime, capital does flee from the emerging markets in the short term, but the return on investment in the emerging markets is still higher than that in Europe and the United States.
Childhood in an isolated sterile room