Renewed fears of a crisis in emerging markets have come to a head in recent weeks, interrupting chatter about a pick-up in global growth, but which parts of the world are most exposed to further trouble in the region?
Last week, sharp declines in the value of the Argentine peso triggered a fallout across emerging market currencies, while worries over China's growth and credit issues and ongoing concerns over further tapering by the Federal Reserve exacerbated the selloff.
The selloff prompted Turkey's central bank to hike interest rates in response on Tuesday, in what some have described as a panic move to try and restore anxious investors.
According to analysts at investment bank Barclays, if the volatility escalates, the euro area will be the most exposed, with Japan close behind followed by the U.S.
Barclays divided emerging markets into two groups, the 'stressed group': Argentina, Brazil, India, most of ASEAN, Russia, South Africa, Turkey and Venezuela, which have seen a weighted 16 percent fall in their currencies over the past 12 months, and a more resilient group, made up of the remaining emerging markets whose FX rates have been relatively stable.
Looking at the ratio of exports to gross domestic product (GDP), Europe had a 3.1 percent exposure to these stressed economies in 2013, Barclays said, while Japan had 2.4 percent and U.S. 1.3 percent.
(Read more: Will the Fed throw emerging markets a bone?)