Since they will be in a foreign currency, the issue will not be affected by Malaysia's capital controls.

ECONOMIST: Asian capital markets

Countries with plenty of reserves, such as China or India, could allow mutual funds (domestic or foreign) to issue shares in domestic currency with which they could buy foreign exchange from the central bank.

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It would be impossible to issue new rupiah without an inflow of foreign currency.

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Another issue for U.S.-based investors is foreign-currency risk.

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And foreign investors in financial services, say, are likely to be less concerned by the currency issue.

ECONOMIST: Foreign investment

But most of the investors choosing emerging market debt are buying bond funds with local currency debt, rather than buying the sovereign or quasi-sovereign dollar denominated bonds that foreign countries like Brazil also issue.

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