While “decoupled” is not the same as “immune”, look for growth and investment performance in emerging markets to be better than in the sclerotic developed world.
In the short term emerging markets will be free riders as the U.S. launches the second round of quantitative easing. A portion of the stimulus generated by “QE2″ will inevitably leak cross border, while the risks of the gambit will fall almost entirely on the U.S. and on dollar-denominated assets.
QE2 is designed to work in two ways: to stimulate investment by making it cheaper to borrow money and to lift consumption by boosting asset prices.
To the extent it succeeds a goodly portion of that consumption will be goods and services purchased by the developed world from emerging markets.
As for investment, in the absence of capital controls U.S. corporations that choose to invest using borrowed money can be counted on to put a lot of the money to work where opportunities are best: emerging markets.