Keystone Features/Getty ImagesThanks to the combination of increased levels of indebtedness, renewed US dollar strength and fears over the outlook for global growth, concerns about the health of emerging markets have grown substantially over recent months. To some, the fears are simply part three of the global financial crisis, following the initial implosion of the US mortgage market in 2008/09 and, following soon after, the European debt crisis of 2011/12. While others are fretting, Julian Jessop, chief global economist at Capital Economics, believes it’s nowhere near that melodramatic, describing the elevated level of investor concern as “mostly” overdone. “In this narrative the key theme linking all three legs is an unsustainably high level of debt,” wrote Jessop in a research note to clients overnight. “Indeed, the loosening in monetary policy to counter the recession in advanced economies may itself have contributed to the rapid credit growth in emerging markets (EMs).