What is an emerging market?
The term began as a euphemism for the pejorative-sounding “third world” but, as the FT argues, “emerging market” now stands for a haphazard collection of countries with varying economic sizes and growth rates.
The classification matters primarily because of index providers such as MSCI and JPMorgan that have a major influence over how international portfolio investors allocate their money. An estimated $10.3tn is invested in so-called emerging markets.
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