Emerging markets have every right to feel nervous before Wednesday's U.S. Federal Reserve monetary policy decision, with the central bank widely tipped to pave the way for a rate hike this year.
After all, it was just two years ago when a "taper tantrum" -- or the talk of an end to the Fed's bond-buying program hit emerging markets such as India and South Africa with a wave of currency depreciation and capital flight.
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"When central banks start to reverse course, there is going to be disruption but that might not last for years, that's the one thing we have to keep in mind," Jack Bouroudjian, chief investment officer at Index Financial Partners told CNBC Asia.
The International Monetary Fund's Managing Director Christine Lagarde said on Tuesday that she feared the "taper tantrum" of 2013 was not a one-off event.
"This is so because the timing of interest-rate liftoff and the pace of subsequent rate increases can still surprise markets," Lagarde said in a speech at India's central bank in Mumbai.
She was speaking alongside Reserve Bank of India Governor Raghuram Rajan, who has repeatedly warned about the impact central bank actions in major economies can have on the developing world.
Easy monetary policy by major central banks to help combat the effects of the global financial crisis in 2007-2008 saw an influx of money into the world's markets, a lot of which went into emerging economies.
According to Lagarde, emerging markets received about $4.5 trillion in gross capital inflows – about half of global capital flows – between 2009 and the end of 2012.