Emerging nations in Asia, including Indonesia, may feel the bite of the global economic crisis after all, according to the International Monetary Fund, which warned that a sell-off by foreign investors in developed markets could trigger a loss of faith in the region's capital markets.

An economic outlook for the Asia Pacific released by the IMF on Thursday said that advanced economies had built up substantial positions in Asian markets for at least three years.

Any sudden liquidation of those positions could trigger a loss of confidence that could quickly spread from bond and equity markets to currency and other markets.

As of this month, foreign ownership in Indonesian bonds, at Rp 214 trillion ($24.2 billion), accounts for 31 percent of the total, one of the highest rates of foreign ownership in sovereign bonds among Asian nations.

The IMF also lowered its growth forecast for Asia, citing the economic and financial problems in Europe and the United States. Asia's economic growth is forecast to average 6.3 percent in 2011, down from 7 percent.