Via The Wall Street Journal, an interesting analysis and excellent interactive graphic detailing the significant impact the recent stock market gyrations have had  upon markets around the world.  As the article notes:

“…Investors are feeding a dramatic world-wide slowdown by trying to flee it, racing away from many corners of the globe they used to favor. The resulting tumbles in stocks and currencies have helped provoke a broader crisis in places such as Iceland, whose turmoil in turn is hitting bank depositors from London to Amsterdam.

In the tightly interwoven global financial system, countries large and small have been affected by the dramatic slow-down in economic growth.

As foreign capital flows out of a host of smaller economies, it’s laying bare the excesses built up during five years of strong growth and easy access to borrowing. Concerns are rising that such countries could prove weak links in the world’s tightly interwoven financial system.

Even as the world’s major economies are forced to move more aggressively to bail out their banks and markets, those danger zones are taking on outsized importance,

In highly indebted countries in eastern Europe, for instance, economic expansion went hand-in-hand with rampant borrowing, and imports far outstrip exports. That makes them dependent on financing from overseas to close the gap — at a time of maximum fear among global investors. It also means they risk a broader financial crisis that could reverberate back into other parts of Europe, darkening the already grim picture.

Other countries, such as Pakistan, could be forced to seek outside help to stave off a financial emergency. Many developing countries have bright prospects and aren’t facing wholesale bank failures. But demand for exports is falling for many, as are commodity prices, a key source of strength.

In places from Brazil to Kazakhstan, pockets of problematic behavior — such as heavy borrowing by corporations in foreign currencies — have shown up. Money was pouring into their stock markets and encouraging risky behavior by companies. Now sinking local currencies make it much more difficult to repay any debts issued in dollars.

Few doubt that more pain lies ahead in more places. Already, investors’ worst-case scenario “has just been exceeded,” says Edwin Gutierrez, who manages a portfolio of emerging-market bonds at Aberdeen Asset Managers in London…”