As bad as some domestic stocks have performed over the past few weeks, many foreign stocks have fared even worse. The U.K.'s FTSE, Germany's DAX indexes, Japan's Nikkei, and Australia's All Ordinaries are each down around 8%.

The downturns in these developed markets have been fueled by prognostications of a credit crisis that may affect the bottom lines of large foreign money centers such as Lloyds TSB (NYSE:LYG), Deutsche Bank (NYSE:DB), and Nomura Holdings (NYSE:NMR).  

But Lloyds TSB, which was dinged 5% over three days last week, is coming off a smashing first-half report with revenues and profits up in each division. In fact, Lloyds just increased its interim dividend for the first time in five years. With a trailing P/E under 10 and a 6.3% yield, Lloyds may deserve a second look.

That's just one example ...
After last week's sell-off, foreign oil titans such as Statoil (NYSE:STO), PetroBras (NYSE:PBR), and BP (NYSE:BP) are trading more than 10% off their 52-week highs and sport P/E ratios below their industry averages.

One reason that these stocks have suffered in recent weeks is that the price of crude oil has receded to $71 from a high of $78.77, based on fears that the looming credit problems will hurt global demand for energy.

Even if that turns out to be the case, it's still only a short-term problem. Moreover, as we've seen with short-term oil prices, a major geopolitical event, an unexpectedly severe hurricane, or an economic report noting higher-than-expected demand for oil can have a huge effect on short-term crude oil prices. Over the long term, however, the demand side of the oil equation will remain strong as developed markets consume more energy and emerging markets fuel economic growth.

Keep the right perspective
While the recent market volatility has made many investors uneasy, savvy investors with a long-term perspective will see market dips as an opportunity to, at the very least, continue to add money to good stocks at lower prices.

But don't take my word for it. Here are some wise words from the Wizard of Wharton, Professor Jeremy Siegel:

If investors have cash on the sidelines, they should not wait too long to put it to use. ... There are good values out there in equities -- especially in financial stocks -- and you will be rewarded in the long run if you start dollar-cost-averaging now.

And the last part of the quote is the key to Dr. Siegel's advice: You will be rewarded in the long run by continuously adding money to great stocks when they're cheap.

Allied Irish Banks (NYSE:AIB) may be a good place to start your search for values following the broad global sell-off. Our Motley Fool Global Gains team recommended Ireland's largest bank to subscribers back in March and admired the bank's disciplined lending policies and growth potential in markets like Poland, the Baltic states, and, yes, Ireland, too. The team's investment thesis remains the same, despite the 10% haircut the stock has taken since July.

If you'd like to read more about Allied Irish Banks, or any other stock the Global Gains team has recommended, a free 30-day trial to the service is yours. Just click here to get started.

Fool contributor Todd Wenning reminds you to take a look, it's in a book. He doesn't own shares of any companies mentioned. Lloyds TSB is a Motley Fool Inside Value pick. The Fool's disclosure policy is always a good value.