Nicholas Spiro of Spiro Sovereign Strategy said Brazil has been in a "full-blown credit crunch for quite some time". He said that "credit squeeze" better described the circumstances of countries like China though.
(Read more: Is copper's swoon a bad omen for China?)
"China is definitely feeling the effects, and suffering the effects, of a credit squeeze. Clearly the Chinese authorities are desperately trying to manage this as best they can," Spiro said.
"Credit crunch is probably too strong a word (for emerging markets overall)," he added. "Emerging markets have a number of serious problems right now, some of them idiosyncratic, and some of them related to being caught in a pincer motion between the withdrawal of monetary stimulus by the Federal Reserve, and China's attempts to tame its (former) credit boom."
'Third leg of global financial crisis'
Both Gallo and Spiro said the current emerging market turmoil was the "third leg" of the global financial crisis that struck in 2007.
"This feels and looks like something eerily reminiscent of what Spain and Italy were going through at the end of 2008 — the bond market routs," said Spiro, referring to the heightened euro zone risk aversion that saw bond yields in some countries spike dramatically.
"That is because this is the third phase of the global finance crisis — there was the U.S. sub-prime crisis, then the euro zone and now we have the emerging markets."
Following the sub-prime crisis, global economic growth fell from a peak of 5.0 percent in 2007 to 2.4 percent in 2008, before shrinking by 1.3 percent in 2009.
World growth was hit again after the euro zone crisis heated up in 2010, slowing in both 2011 and 2012. Despite signs of recovery, unemployment remains extremely high in the worst-hit euro zone countries, such as Spain, which posted an unemployment rate of 26 percent on Tuesday.
(Read more: Marc Faber: Market volatility will continue, here's why)