Markets collectively know that too much of a good thing is seldom healthy, even if individual investors show little restraint. That is the increasing worry for many Asian countries as they look at rising interest in the region.

Emerging markets, and Asia in particular, have long been seen as the source of long-term growth, but there are concerns about how that interest will manifest itself in the near term. Yesterday, the Asian Development Bank fired a shot across the bows of would-be speculators and said some markets in the region should consider capital controls if inflows “surge” as it expects.

A two-speed world – emerging markets growth and an anaemic recovery in developed markets – is not new. But, as the recovery picks up, the ADB fears that the confidence this generates will only boost interest in Asia.