While the "Fragile Five" - India, Indonesia, Brazil, Turkey and South Africa - have been among the hardest hit amid the turmoil in emerging markets, famed economist Nouriel Roubini says the threat of a full-fledged currency, sovereign-debt and banking crisis remains low.
"All have flexible exchange rates, a large war chest of reserves to shield against a run on their currencies and banks and fewer currency mismatches (for example, heavy foreign-currency borrowing to finance investment in local-currency assets)," Roubini, nicknamed Dr. Doom for his generally bearish views, wrote in an op-ed on the Project Syndicate website on Friday.
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"Many also have sounder banking systems, while their public and private debt ratios, though rising, are still low, with little risk of insolvency," he said.