Add into this another factor. While emerging market stock indices are weighted to the companies in the stronger economies often countries that issue little debt the weighting in the bond indices is quite the opposite.
For instance the MSCI emerging markets index (ETF emb) has a 6.9% weighing to Turkey and no holdings in South Korea IEMG the emerging markets ishares has a near zero weighing in Turkey and an 18.7% weighing in South Korea.
Add in the fact that the financial services industry was more than happy to offer new "product" in this area through new mutual funds, new ETFs and "research reports" on the importance of investing in emerging markets and you get plenty of money flowing in. This in turn produces upward moves in price and more investors.
In other words a classic accident waiting to happen if the political and currency risks show up...which is exactly what happened as the WSJ reported.