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Definition of emerging markets

The term “emerging markets” was first introduced in early 1980s by World Bank economist Antoine van Agtmael. Although commonly used these days, its definition and list of nations are not exactly the same among institutions.

Below are some examples of definitions.

International Monetary Fund (IMF): Global Financial Stability Report (September 2004)

Developing countries’ financial markets that are less than fully developed, but are nonetheless broadly accessible to foreign investors


Yale university library: Social Science Libraries and Information Services

Big Emerging Market (BEM) economies are Brazil, China, Egypt, India, Indonesia, Mexico, Poland, Russia, South Africa, South Korea and Turkey


MSCI EM Index by Morgan Stanley Capital International

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of June 2009 the MSCI Emerging Markets Index consisted of the following 22 emerging market country indices.


    1. BrazilBrazil
    2. ChileChile
    3. ChinaChina
    4. ColombiaColombia
    5. Czech RepublicCzech Republic
    1. EgyptEgypt
    2. HungaryHungary
    3. IndiaIndia
    4. IndonesiaIndonesia
    5. IsraelIsrael
    1. South KoreaSouth Korea
    2. MalyasiaMalaysia
    3. MexicoMexico
    4. MoroccoMorocco
    5. PeruPeru
    1. PhilippinesPhilippines
    2. PolandPoland
    3. RussiaRussia
    4. South AfricaSouth Africa
    5. TaiwanTaiwan
    1. ThailandThailand
    2. TurkeyTurkey

Worldwide locations of emerging markets and developed markets

The MSCI EM(Emerging Markets) Index - Map
GDP Ranking

RankingCountryGDP in 2009 (Billion US$)
3China4, 757, 74
8Brazil1, 481, 55
11Russia1, 254, 65
12India1, 242, 64
14Mexico866, 336
15Korea800, 294
17Turkey593, 533
18Indonesia514, 931
21Poland422, 965
26Taiwan357, 344
32South Africa277, 379
33Thailand266, 434
35Colombia228, 614
39Israel215, 727
41Malaysia207, 35
42Czech Republic189, 669
43Egypt187, 956
48Philippines158, 702
49Chile150, 361
51Peru127, 368
52Hungary124, 241
60Morocco90, 775
Source: International Monetary Fund, 2009, 12

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