Although Argentina's latest crisis has revived harsh memories of its huge debt default more than a decade ago and spurred fears of contagion, the country's spilled milk isn't likely to flow over to other emerging markets, analysts said.
"This is not a general case of an 'innocent bystander' economy getting hurt by the same strong dollar that everyone else is also confronting," Nomura said in a report. "It is more a specific case of an extremely badly managed economy losing the faith of not merely foreign investors but with domestics also now justifiably trying to take flight."
Emerging markets in general have been hit by concerns that the U.S. Federal Reserve's decision to begin tapering its asset purchases will spur further fund outflows from the region, but Argentina's turmoil has sharpened fears of a contagion effect.
(Read more: Investing in Argentina? Get ready to cry)
Argentina surprised the market last week by suddenly relaxing its currency controls, which have been blamed, at least in part, for spurring high inflation and a sharp drop in its currency by setting off a black market demand for dollars.
Consumer prices rose about 25 percent in 2013, according to private analyst estimates, Reuters reported, compared with official data suggesting around half that rate.
Argentina's peso has lost around 30 percent of its value against the dollar since the start of December, hovering around 8 pesos to the dollar. On the black market, the peso was trading at around 12.15 pesos to the dollar, according to Reuters.