With big powers pulling strings, emerging-markets will continue to bleed

You can do the right thing and still be punished, at least for a while.

When most of the big powers are tightening the reins, emerging-market economies are going to suffer. It's true for the frugal nations as well as the profligate. In the short term, global factors and broader capital-market tides always matter more than national discipline.

The European Central Bank is tapping the brakes, and the Federal Reserve is raising interest rates further and faster than anyone else. This siphons investors away from emerging markets. Compounding their pain: The manufacturing-supply chains on which they built their economic models are threatened