The US Federal Reserve announcement delaying the start of a slowdown in asset purchases gives Asian markets a bit of a reprieve but does not change the basic picture that the US is embarking on a gradual normalization of its monetary policy.

The big question is whether that normalization will keep driving investors out of Asian markets, further sapping the wind from the region's economic sails and all but wrecking the most vulnerable economies, as happened in 1997 during the Asian financial crisis.

The quick answer is "no". A repeat of the 1997 crisis, when investors fled in droves and economies tanked, is not likely. Foreign exchange reserves are healthy in most countries, currencies are far more flexible, foreign debts are lower, most economies have current account surpluses and most countries have some room for monetary and fiscal adjustment should it be needed. The growing use of local currency bonds instead of foreign debt means borrowers are not as affected by currency devaluation, and longer tenors in foreign borrowing also means constant refinancing is not needed.