When mention is made of emerging or frontier market economies, they’re not only being defined in terms of their relative industrialisation or per capita income, but the level of liquidity in their debt and equity markets. The designation can also mean that you might not necessarily expect the same degree of rigour in accounting and securities regulation, but you can always console yourself with a higher-than-average rate of return – that’s the trade-off.
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Taking Stock
Private microfinancing
Adam Smith believed that capitalism and charity go hand in hand, but a recent London listing could put that notion to the test
Mark Robinson