What’s Good for U.S.-China-Japan Leaves Emerging Markets Losers

What’s Good for U.S.-China-Japan Leaves Emerging Markets Losers

Dado Galdieri/Bloomberg

The Ipanema Beach skyline stands below one of the Cagarra Islands in this aerial photograph of Rio de Janeiro. The new environment is leaving some emerging countries -- especially Brazil, Mexico, South Africa, Turkey and Ukraine -- vulnerable to a sudden stop in which capital flows are thrown into reverse.