A $12.5 Trillion Market Defies Investor Attempts at Definition - Bloomberg:
"Decades of graduations, demotions, rallies and retreats, have left the world’s $12.5 trillion of emerging-market debt and equities facing a bit of an identity crisis. Nations as dissimilar as Pakistan, Greece, South Korea and Chile are considered members of the asset class, according to MSCI Inc. Declining inflation rates and receding currency risks have even got some banks including Goldman Sachs Group Inc. saying the lines have blurred with developed nations. And the composition may get shaken up further next month, when MSCI releases its semi-annual index review, prompting some analysts to ask: What exactly is an emerging market? The problem is that the signposts are so scattered, said Sonja Gibbs, a senior director at the Institute of International Finance, a trade group created during the international debt crisis of the early 1980s. Either you’re judging by market development, as in size, liquidity, domestic investors and legal and regulatory frameworks, or else looking at economic development -- per capita income, growth prospects and institutional quality."
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