Emerging markets, once fragile and small, fell like dominoes 15 years ago from the Asian financial crisis.
Times have changed since then, but the massive sell-off seen in recent days indicates those countries are just as vulnerable as they were back in the late 1990s.
From relatively sound economies like Mexico to politically rocky Turkey, investor jitters about the prospects for emerging economies are spreading fast.
And the massive sell-off could speed up to an unprecedented level, as the money that flowed into emerging markets in recent years dwarfs the sums that fled some 15 years ago.
Huge amounts of cheap cash from the U.S. Federal Reserve's massive stimulus program have flowed into emerging markets in recent years, hunting for higher returns.
Now that the Fed is poised to further scale back its stimulus, that flow is rapidly reversing.
But unlike last year, this year's sell-off is being exacerbated by local factors.
"The Turkish situation has nothing to do with South Africa, that is nothing to do with Ukraine, the slowdown that we are partially seeing in China or Thailand. But when you add them up it looks like a crisis. So the problem with them all being very different is that there is no single solution."
With concerns looming over a foreign exchange crisis in Argentina and the Turkish central bank's ability to keep interest rates low., emerging economies are bracing for even greater outflows in the coming days and weeks.
Yoo Li-an, Arirang News.