Much has been said about how a UK exit from the EU could hurt the British economy. But the bigger point confronting investors may be what it does to the rest of the world. If there's one near-definite result that experts can safely predict around a Brexit, it's this: A UK vote to leave the EU would increase the amount of uncertainty in markets.
Since no concrete precedent exists for a Brexit or anything like it, market-watchers are predicting a global flight to safer assets. And that, in turn, would likely include an investor pullback from the world's emerging economies.
"We believe there is significant room for downside in the event of a leave vote," Yianos Kontopoulos, strategist at UBS, wrote to clients Wednesday. In terms of which emerging markets, economic research consultancy Capital Economics says the nations likely to be hardest hit are those with the highest current account deficit as a percentage of GDP.
Names that fit the bill include Colombia, South Africa, Peru and Turkey, which run deficits in excess of 4 percent of GDP.
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Since no concrete precedent exists for a Brexit or anything like it, market-watchers are predicting a global flight to safer assets. And that, in turn, would likely include an investor pullback from the world's emerging economies. 
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