Many have plenty of reserves and flexible exchange rates, making a rerun of the 1997-98 crises unlikely.

ECONOMIST: The markets

Asset-price rises are also a problem for emerging economies with flexible exchange rates.

ECONOMIST: The world economy

This is not necessarily an argument for flexible exchange rates.

FORBES: Greece Needs To Exit The Euro Zone

Milton Friedman and others reminded us decades ago that such internal adjustments necessary to reverse an external deficit were ultimately the same under a gold standard, flexible exchange rates, or some hybrid exchange rate regime.

FORBES: Greek Crisis: Austerity Doesn't Work

The main argument for flexible exchange rates that led to their widespread adoption in the early 1970s was that they allow domestic policymakers to adopt policies appropriate to domestic conditions without the artificial constraint of an exchange rate peg.

FORBES: Global Pots Calling the Kettle Black

All the while, Milton Friedman kept pointing out that these crises would all go away if we went to a system of flexible or floating exchange rates.

FORBES: Currency Manipulation

To deal with such volatility, emerging markets need to manage demand in the way that rich nations do: through more flexible interest rates and exchange rates.

ECONOMIST: Charting a different course