Emerging markets have been a key source of volatility for global financial markets in recent weeks, raising the question of whether they will become a "euro zone" for investors this year.
"We expect that woes in emerging markets may continue to provide occasional worries for global markets similar to what was experienced during periods of the euro zone crisis in 2011 and 2012," William Stone, chief investment strategist at PNC Wealth Management wrote in a report titled "Emerging Markets are the New Eurozone" last week.
(Read more: Will China be the 'savior' of emerging markets?)
"Our expectation is that emerging markets will also fail to drag the global economy into crisis. (But) investors should position themselves to be able to withstand any volatility from the concerns, since investors forced out of stocks during the euro zone crisis paid a heavy price in terms of missed market returns as the worries passed," he said.
Mitul Kotecha, head of global currency research, Credit Agricole says while there are vast differences in the nature of the euro zone debt debacle and current emerging market troubles, the underlying similarity is the potential of contagion – from emerging markets to developed markets in this case.