China isn't the only country with an overheating economy and enormous domestic problems. Here's another I'd steer clear of for now -- despite its many attractions.

By Jim Jubak

Who's next?

It's only logical to wonder after the 9% plunge in China's Shanghai stock market led to a global sell-off on Feb. 27. That ended with the Dow Jones Industrial Average down 416 points on the day.

There are the usual suspects, of course:

• The U.S. markets, if the crisis in the submortgage market spreads to the rest of the debt market.
• Japan, if investors panic at signs that the economy might be slipping back toward recession after the latest interest rate increase.
• Russia, if investors decide that the country's booming stock market -- up 51% in 2006 -- and state-controlled economy too closely resemble the Chinese market that just blew up.
• The $345 trillion derivative market, if some of the math whizzes that carve up risk sent too much risk to the wrong investors.

But I've got another candidate: India.

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Editors' Note: Or has India's market already cracked from 14.5k to 12.8k?