This book examines emerging markets as both an investment option and opportunity. It first looks at what the world's emerging markets are and how they work as an asset class, explaining what this means in principles and how such economies differ from more developed markets, particularly in the wake of the credit crunch and ensuing Western financial crises. It then goes on to examine emerging marketing investing in general, detailing both the attractions and the pitfalls for potential investors, and taking into account such as areas as the demographic, political, economic and social considerations.
Acknowledgements 1 An Introduction to Emerging Markets 1.1 Introduction 1.2 What are Emerging Markets? 1.3 A Brief History of Emerging Markets 1.4 A Tale of Two Decades 1.5 Decoupling and Globalization 1.6 After the Storm 1.7 So Far, So Good 1.8 Interaction Between Emerging Markets 1.9 The Ethical Dimension 1.10 Conclusion 2 The Investment Case for Emerging Markets -- A Balanced View 2.1 Introduction 2.2 Why Invest in Emerging Markets? 2.3 Capturing the Opportunity 2.4 Demographics and Consumption 2.5 Infrastructure 2.6 Financial Services 2.7 Valuations, Earnings and Return on Equity 2.8 Some Technical Considerations 2.9 Risk 2.10 Matters of Trust 2.11 Corporate Governance 2.12 Hell is Other People 2.13 Building Emerging Markets into a Balanced Portfolio 2.14 How to Invest 2.15 Bonds 2.16 Decisions, Decisions 2.17 Conclusion 3 New Schools of Thought -- Hype or Reality? 3.1 Introduction 3.2 Argument 1: Decoupling 3.3 Argument 2: The Commodities Supercycle 3.4 Argument 3: Sovereign Wealth Funds Will Take Over the World 3.5 Argument 4: The East is in the Ascendancy While the West is in Decline 3.6 Argument 5: The Success of Emerging Markets is Assured 3.7 Argument 6: Emerging Markets are Far Higher Risk than Developed Economies 3.8 Conclusion 4 The 'BRIC" Economies 4.1 Introduction 4.2 Overview 4.3 China 4.4 India 4.5 Russia 4.6 Brazil 5 The 'Emerged" Emerging Markets 5.1 Introduction 5.2 Overview 5.3 Hong Kong -- a Brief Economic History 5.4 Singapore -- a Brief Economic History 5.5 South Korea -- a Brief Economic History 5.6 Taiwan 5.7 Investing in the Region 5.8 Conclusion 6 The Rest of Asia 6.1 Introduction 6.2 Overview 6.3 Indonesia 6.4 Malaysia 6.5 The Philippines 6.6 Thailand 6.7 Vietnam 6.8 Investing in the region 6.9 Conclusion 7 The Rest of Emerging Europe 7.1 Introduction 7.2 Overview 7.3 A Brief History of Emerging Europe 7.4 Region-specific Risks 7.5 The Investment Case for Poland 7.6 The Czech Republic and Hungary 7.7 The Baltic States 7.8 The Balkans 7.9 Investing in the Region 7.10 Conclusion 8 The Rest of Latin America 8.1 Introduction 8.2 Overview 8.3 A Brief Economic History of the Region 8.4 Mexico -- a Brief Economic History 8.5 Argentina -- a Brief Economic History 8.6 Chile -- a Brief Economic History 8.7 Peru and Colombia 8.8 Investing in the Region 8.9 Conclusion 9 Emerging Markets -- The Final Frontiers 9.1 Introduction 9.2 Overview 9.3 The Middle East 9.4 Africa 9.5 Investing in Frontier Markets 9.6 Conclusion 10 2020 Vision -- The New Economic Order? Index
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