Could a crisis in emerging countries with external deficits become a global crisis?

We are now seeing the start of another crisis in emerging countries with external deficits, triggered by the withdrawal of capital from these countries. We then see a depreciation of their exchange rates, inflation, rising interest rates and contraction in growth. The key question is whether this crisis in emerging countries with external deficits could turn into a global crisis. Is the economic, trade and financial weight of emerging countries with external deficits sufficient, and has it been sufficient in the past, for there to be a global crisis triggered by a crisis in these emerging countries? We believe it is unlikely that a crisis in emerging countries with external deficit s would turn into a global crisis.