It’s been a good 10-year run for fast-growing emerging markets. But now many of them face severe economic imbalances and slowing growth built up during the go-go years. Those structural flaws could be papered over in good times, but they have finally undermined sustainable strong growth, and the cracks are starting to show. In this video interview, Wharton management professor Mauro F. Guillen discusses how formerly hot emerging market countries are passing the growth engine baton back to developed countries. An edited transcript of the conversation appears below. Knowledge at Wharton: Can you discuss what’s been happening in emerging economies? A lot of money has been flowing out. Their growth rates look like they’re slowing. It’s hard to generalize, but it is happening in a lot of countries, perhaps for different reasons. And one of the explanations for this is that the Fed’s so-called tapering off is a worry because that may mean that U.S.…