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Who will pay the price for the emerging market mess?

Renewed fears of a crisis in emerging markets have come to a head in recent weeks, interrupting chatter about a pick-up in global growth, but which parts of the world are most exposed to further trouble in the region?

Last week, sharp declines in the value of the Argentine peso triggered a fallout across emerging market currencies, while worries over China's growth and credit issues and ongoing concerns over further tapering by the Federal Reserve exacerbated the selloff.

The selloff prompted Turkey's central bank to hike interest rates in response on Tuesday, in what some have described as a panic move to try and restore anxious investors.

(Read more: Turkey's drastic action may not save emerging markets)

According to analysts at investment bank Barclays, if the volatility escalates, the euro area will be the most exposed, with Japan close behind followed by the U.S.

Barclays divided emerging markets into two groups, the 'stressed group': Argentina, Brazil, India, most of ASEAN, Russia, South Africa, Turkey and Venezuela, which have seen a weighted 16 percent fall in their currencies over the past 12 months, and a more resilient group, made up of the remaining emerging markets whose FX rates have been relatively stable.

Looking at the ratio of exports to gross domestic product (GDP), Europe had a 3.1 percent exposure to these stressed economies in 2013, Barclays said, while Japan had 2.4 percent and U.S. 1.3 percent.

(Read more: Will the Fed throw emerging markets a bone?)

Gurcan Ozturk | AFP | Getty Images

While the euro area was the most vulnerable, the Barclays analysts pointed out that as long as the current emerging market weakness was contained to these stressed economies, the G3's GDP rates should not be majorly impacted, as the regions are more exposed to the stronger emerging economies.

Throwing a spanner in the works, however, is heightened concern about China, Barclays said, pointing out that if China were to seriously reduce its imports from the G3 economies it would have more significant implications.

(Read more: Emerging-market currency 'contagion' spreads)

Other analysts also told CNBC that China remained the largest threat to the potential for an escalated emerging markets crisis.

"The question is how will this effect global financial markets? Will all of these mini crises in emerging markets have a big spillover effect on the developed world?" said Boris Schlossberg, managing director of BK Asset Management. "And to me, the answer doesn't lie with Turkey or Argentina, which are small, isolated economies. It's a question of whether China becomes a big problem."


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