Читать книгу The Emerging Markets Handbook - Pran Tiku - Страница 26

As of 2013 there were 193 countries recognized as members of the United Nations. At any point there are likely to be countries that represent a better case for investment than the rest. What criteria should define countries that can be considered to be ranked above average in investment terms?

The starting point for choosing the markets studied in this book was to take a framework of recognised market indexes such as MSCI Emerging Market Index. This index encompasses more countries than other indexes such as the Financial Times, S&P, and other lesser-known indexes. This index is populated by large, mid-sized and small nations.

A note on the MSCI Emerging Markets Index

The MSCI Emerging Markets Indices cover over 2700 securities in 21 markets that are currently classified as EM countries. The EM equity universe spans large, mid and small cap securities and can be segmented across styles and sectors. MSCI regularly reviews the market classification of all countries included (or under consideration for inclusion) in its global equity universe based on extensive discussions with the investment community. Using the MSCI Market Classification Framework, MSCI examines each country’s economic development, size, liquidity and market accessibility in order to be classified in a given investment universe. Each June, MSCI communicates its conclusions on the list of countries under review and announces the new list of countries, if any, under review for potential market reclassification in the upcoming cycle.

Although many of the countries in the MSCI Index will be covered in detail, some were excluded based on concerns over their geopolitical situation, serious internal conflicts, small market, lack of transparency, or lack of access to investors.

For example, Saudi Arabia and Morocco were excluded because of their small market size and lack of reasonable access to foreign investors. Other countries that appear in some indexes but which have been excluded are: Argentina, Israel, Nigeria, Egypt, Pakistan, Vietnam and Myanmar, among others. In these cases these markets were excluded because of concerns about access or size, or political challenges. Broadly, all countries that are sometimes considered to be frontier markets were excluded (which includes some of the countries listed in the charts above).