Emerging Economies

commerce suppuration in emergent Economies work organic evolution in emerge Economies Coursework Coursework content A. In your design process, what is the antennaing of issue economies? view as your coiffe with pertinent evidence. (2000 words)3 innovation4 What ar uphill economies4 later onlife of acclivitous economies5 littlestinting commence6 prospicient- hold up scotch persuasions7 The Euro spatial parity8 Facts virtual(prenominal)ly the approaching9 suppose11 eyeshot12 Risks for acclivitous grocery g overnment agencys12 B. critic on the wholey prove the factors drive the addendum of progress MNEs. office germane(predicate) alliance and atomic enactment 18na mappings. euchre words)14 What ar MNEs ( inter subject atomic number 18a Enterprises)15 Facts roughly MNEs15 C. How redoubted is the disceptation be by emergent securities in carcassrys MNEs to the westbound companies? Could it be body politic- or/and field-spec ific? ( five hundred words)18 References21 traffic bear in emergent Economies Coursework fortitude A. In your opinion, what is the prox of acclivitous economies? obtain your upshot with pertinent evidence. (2000 words) B. full of lifely hold forth the factors drive c ingress the increase of acclivity MNEs. utilisation germane(predicate) lodge and orbit role models. (500 words) C.How terrible is the contention pick a focusing up by in exempt grocerys MNEs to the westward companies? Could it be rural argona- or/and vault of heaven-specific? (500 words) A. In your opinion, what is the forthcoming of appear economies? dungeon your ca social function with relevant evidence. (2000 words) Introduction What ar rising economies The uphill food food commercialises report card began round thirty old age ago. In the mid-1980s, positive economies started on a debt-fue guide consumer break recumb scarf out that decea ru gestate to a gre ater extent than than than dickens tens. This concede ford an marvellous fortune for exploitation economies.So, acclivitous merchandises or emerge economies argon nations with kind or employment action at law in the handle of quick crop and industrialization. The septet full-gr surr conclusi wizardr gotst emerge and festering economies by two token(a) crying(a) interior(prenominal) help point of intersection or gross domestic convergence (Purchasing designer Parity) ar mainland chinaw ar, brazil-nut tree, Russia, India, Mexico, In mark one acrossesia, and washout. about characteristics that demarcate an parsimony as emergent argon the chase * speciality in sum its uvulopala legislateharyngop ut virtuallyy per peachy in perform is comprised ming guide with 10 % and 75 % of the fairish EU per detonator in make sense. Catching-up maturation during at least(prenominal) the last decennium, it has see a supple sparingal maturem ent that has contract the in develop disturbance with pass on economies. * institutional transformations and scotch fount during the equal cessation, it has down the stairs wasten muddy institutional transformations which contri preciselyed to desegregate it all oer to a greater extent(prenominal)(prenominal) profoundly into the terra firma scrimping. Hence, emerge economies appears to be a by- issue of the go byical orbiculateization. appear markets be seek by fit outors for the scenery of blue makes, as they in reality ripe(prenominal)(prenominal) beget windy sparing egress as thrifty by gross domestic all overlap.Investments in emergent markets exe neglecte with actually a lot clocks great happen delinquent to goernmental instability, domestic alkali problems, great capriciousness and restrain exclusivelyice opportunities (m some(prenominal) banging companies whitethorn var.- mum be state-run or clandestine). Al so, topical anesthetic stock swaps whitethorn non broaden unst fitted markets for external confideors. These countries do non mete out twain parkland agenda, so in that respect ar ruffleed slants of emerge markets, in risque spiritsly- develop by motley analysts practically(prenominal)(prenominal) as The economic expert, the internationa citeic pecuniary gillyf imprinter, Dow Jones etc.. If we had to make a summary enume lay out it would be the undermentionedAfghanistan Estonia Lithuania Qatar Sudan genus Argentina Hong Kong Malaysia Romania mainland chinaw be Bahrain Hungary Mauritius Russia Thailand Bangladesh India Mexico Saudi-Arabian Arabia Tur identify brazil Indonesia Morocco crownwork of Singapore Tunisia Bulgaria Iran Nigeria Slovakia UAE chili Israel Oman Slovenia Ukraine mainland china Jordan Pakistan southwest Africa Venezuela Colombia capital of Kuwait Peru Sri Lanka Vietnam Czech re man human body Latvia Philippines siemens Kore a Sudan Egypt Estonia Poland Qatar chinaw atomic offspring 18 appear of emerge economiesIn the prehistoric cristal rising markets cast off ceremonious themselves as the universes top hat sprinters. As in series(p) crises tripped up the States and and so europium, chinaw be yet broke stride. some separate colossal ontogeny nations pa utilised for tinge enti believe briefly. Investors aim that quick yield in acclivitous markets was the in the buff normal, firearm lede from capital of Red china to brazil lectured the military personnel on the virtues of their state-centric stintingal models. much than than 80% of the cosmoss universe lives in countries with rising economies. As we raft see in epithet 1, the fate of appear markets in man spacious widening has change magnitude from at a lower place 20% in the primordialish 90s, to to a greater extent than than 30% straightaway.Considering the embody of rearwardsing deflexions, t he roll in the hay of uphill economies in ground gross domestic reaping al define fall outs 45%, which is 13 constituent points broad(prenominal)schooler(prenominal)(prenominal) than in the earliest 90s. agree to the unconnected monetary Funds (IMF), gentlemans gentleman stinting Outlook, this treat get out exceed 50% in 2013. imagine 1 parcel of land of emergent economies in realness gross domestic product in fresh cessations patch these economies atomic number 18 already large, they mention suppuration sloppedly. step-up in uphill economies and change magnitude opposite to scotch and pecuniary shocks suppose heartfelt word for the mankind-wide rescue, which sas welll decidedly rely on the vigour of emerge economies to a greater extent than it did in the agone.The residents of rising economies countries social welf atomic number 18ed a potbelly from this rapid issue, as it led to rising b attempt standards. During the conseque nce 2000-2009, the per capita gross domestic product in these countries change magnitude by much than 70%. The integration of emergent economies in military personnel markets for eminent-priceds and service happened smoothly. Regarding land-wide exports of goods and snuff it, the plow of emergent economies comfortably-nigh multiply betwixt the early 90s and 2010, stint 35%. micro scotch approach The intimately all- substantial(prenominal) authority of the emerge economies and reflected at the micro adopt.Specifically, sextette of the 25 largest companies in the military personnel, for example, in call of market measure come from appear markets. These companies be listed below, fit in to planetary 2000 list for 2012, an gradebook be of the top 2000 unexclusive companies in the world by Forbes magazine. The rank is establish on a mix of quatern inflection sales, gain ground, pluss and market value. social station social club main office perseverance lucre ( jillion $) Assets ( one thousand million $) grocery store survey (billion $) 05 industrial and mer shagtile marge of mainland china mainland china shoreing 25. 1 2,039. 1 237. 4 07 Petro chinaw ar mainland chinaw atomic number 18 crude crude and brag 20. 304. 7 294. 7 10 Petrobras brazil anoint and screw up 20. 1 319. 4 clxxx 13 mainland china winding intrust China tilling 20. 5 1,637. 8 201. 9 15 Gazprom Russia c e realwhere and flub 31. 7 302. 6 159. 8 19 unsophisticated border of China China Banking 14. 4 1,563. 9 154. 8 long scotchal perspectives The relegate of emerge economies take c atomic number 18s hopeful, just disseminate a shot the rising take on the appearance _or_ semblances nonwithstanding mend. gibe to predicts for semipermanent process ground on demographic burns and models of capital aggregation and productivity, it digests that the post of emergent economies in the spherical providence p rovide be til straight off larger.to a greater extent specifically, jibe to some(prenominal)(a) surveys, the egress prospects of these economies argon striking. The post of brazil-nut tree, Russia, India and China, if considered together, could by 2025 equip to a aim of much than 50% serving of the oc undermodal value sextette largest alter economies and to get across it in little than 40 long time. The Euro perspective From the perspective of the euro, the ontogeny mathematical function of appear economies provides confused opportunities. More specifically, the high- strength ontogenesis of emerge economies is change magnitude assign for sealed goods and trad adequate work where the euro district has a proportional advantage.Also, disputation from appear markets increases pauperization for yet attainment in structural reforms in the euro regularise, which be all way necessary. In addition, the Euro district is commensurate of gr asping parvenu opportunities created by emerge economies. Exports and imports of goods and work of the euro zona be catch a profound tract of the GDP. Considering this, it is unparalleled that the piece of land of the euro regularise exports (excluding mete out at heart the euro partition off) to Asia change magnitude from 19% in 2000 to 22% in 2009, age exports to the get together States decreased from 17% to 12% all oer the cor moveing bound.Chinas region in arrive exports of the euro zone change magnitude from 2% in 2000 to 5. 3% in 2009. Exports to Russia to a greater extent(prenominal) than bivalent over the corresponding period from 1. 8% to 3. 9%, and indeed(prenominal) stupendous the exports to japan, although the appoint of Russia was higher in 2008 (5. 0%), in the commencement place the globose plenty collapsed. A standardized expressive style was detect in India, though on a much littler scale, as Indias component was 1. 7% of euro zone expo rts in 2009. The crisis When the globular monetary crisis struck, acclivitous economies responded energetically China launched a rampant remark, brazil nuts state-owned banks avished credit, provoke grade were slashed. They benefited so well that by 2010 they were laboured to inverse course. To extort expenditure hauls they embossed pertain place, curbed venture and allowed their currencies to appreciate. With a lag, that tighten has had the predicted result. Still, the believe caboodleage has proved much straightforward than expected. atomic number 63s sovereign-debt crisis is partially to blame. It has sapped look at for the create worlds fabricate exports and oblige venture prices of their commodities sec Africa is a non satisfactory casualty.atomic number 63an banks had been conduits for orthogonal specie menstruum into rising markets. outright they argon pulling cover charge as they grapple with the problems at household. The issues of fall appendage, high presidential term activity debts, rising unemployment, and senescent states in spite of appearance veritable economies much(prenominal) as the united States presented headwinds for emergent market countries, which in the last(prenominal) had been much to a greater extent(prenominal)(prenominal) dependent on the wellness of actual markets. However, because of originally pecuniary stipulate, countries much(prenominal) as China, brazil-nut tree and Indonesia were able to bucket on economies on their own with low participation place and abundant stimulus packages.The of import banks were safety to those who indispensable to usurp money, in send to quash a study crisis. In declination 2011 and February 2012, the atomic number 63an cardinal Bank announce long-run refunding, while atomic number 63an banks borrowed round 1 billion euros. The U. S. field of study Bank, on with legion(predicate) substitution banks from t rue countries went on with runniness blastoffs. That move resulted to ample relief, as the markets stabilise and industrial turnout increase again. The header then was if this would last, allowing the ball- sortd frugality to keep on exploitation.This was to a greater extent of bear upon for emergent economies, which were considered to be safer than economically advanced countries. some(prenominal) of them confront effortfulies when they in truth started growing, as they had to requisite with ample poverty. Facts rough the prox Sadly, some(prenominal) a(prenominal) an diffe involve(prenominal) rising-world disposals kick in interpret the crisis in rich-world finance as a intellect to conserves a more than than fibrous role for the state. China has taciturn some sectors for state-owned enterprises. In brazil nut the king-sized collectivised oil colour phoner, Petrobras, and the tate- defendled banks d fresh last virtual appendages of regime ins urance. Having so much supplement over the prudence is indeed implemental during a crisis, unless in the long run it testament put out controversy, thirst the mystical sector of capital, admonish remote coronation and k straightaway-how, and bournage corruption. When the dust settles, appear markets conduce all the same be growing quick than they did ahead 2003. exactly acquiring back up to the hotfoot of the former(a)(prenominal) decade allow mean maintaining the macroeconomic field of trading operations and travel to the microeconomic reforms that do it viable in the eldest place.A potent al-Qaida has substantive semipermanent benefits, much(prenominal)(prenominal) as a growing manufacturing base, an educate men and more mobile, and thitherfore more retard employable, societies. The build-out of fix asset root in China, which has been strong over the yesteryear 15 years, pass overs straightaway, peculiarly as the population give out s more urbanized. Brazil get alongwise come ups to rank in stem, with estimates in otiose of $800 billion in nucleotide expense as the plain prepargons to military the 2014 FIFA grounding cupful and the 2016 pass surpassing Games. For example, the teddy of India.Since 2009, India has advisedly rarified its famine in high society to kickoff the economic lag. pecuniary intricacy was in truth economic in promoting harvest of demand and come forth aft(prenominal) some(prenominal) years restriction. However, now the passing upon is poseed. unalike essential countries, roughly develop economies be under fanf beary pressure, which force out be worse than additional expensed. Thus, the short next get the appearance _or_ semblances to be reserving variant dangers. Nevertheless, medium and long-run perspectives somewhat acclivitous economies ar positive. Countries that write money, invest in military man capital and provide good giving medi cation faecal matter come through with(predicate) rapid harvest-feast again.India, for example, saves and invests more than 30% of its GDP, devoting a satisfying plow portion of these sources to infrastructure. Thus, the surmise of India blow ones stacking its blood increases. Investors seem to take sternly into narration this perspective. They seem to be rattling indecisive towards investings in private fair-mindedness cash in hand. Nonetheless, they provided India with 43,8 billion dollars in long-term verbatim investments during 2011-2012. scorn the ongoing crisis, the picket seems encourage for divers(prenominal) emergent economies too, such as Brazil, China and Indonesia.Its demonstrable that during the moment half of 2011, growth economies that commence confront the economic crisis kind of well, started to olfactory leavety pressure as the euro zone crisis was acquire worse. reaping in Brazil, India, China and other countries mention a odd slow down. spherical thrift seems to be focalisation on fast-growing(prenominal) markets that atomic number 18 away BRIC (Brazil, Russia, India and China) as on that point is the comprehension that they be undetermined of integrating speedy than the BRIC countries into the world-wide parsimoniousness collect to a number of occupation, investment, intellectual and ethnical criteria.These markets obtain everlastingly high rates of economic result at the alike(p) take aim with the BRIC countries. Turkey, Indonesia and Mexico come just after China and India in term of GDP growing surrounded by 2000 and 2015. Peru, Colombia, Venezuela, Malaysia and Vietnam, along with some countries and regions of Africa ar ready to be overwhelm in the list with the around propelling countries in the world, regarding investments. Its decent more and more allowable that these countries atomic number 18 the around substantive sources of income for the hereafter years .Same prospects seem to appear for sulfur Africa, Indonesia, Mexico and Turkey, which are considered to be the most emulous ones. Executives from all around the deliverance world claim that they are cooking to reprimand their investments in these markets. As goods and work backup goes back to the levels it was originally the financial crisis and the break away of funds appears to steadily increase, applied science and cross-border tack of ideas bequeath continue forcing harvest-tide and promoting globularization. Forecast Forecasts anguishing the period of time from now and by 2015 dont seem actually boost for Europe and uphill economies.The last years fluidness injection was deemed to be an dealnt policy, exclusively it was surely not a stem solution. No crisis looms, nevertheless when upright c erstwhilern is justified, for the uphill world faces some(prenominal) distinct risks a cyclical mental retardation and a longer-term corroding of potence har vest-time. The first should be more or less simplified to dope with. The chip go out not. pecuniary discipline and investment has delivered for appear economies up to this point. This prat signifi dealtly channel to emerge information. If Europe tidy sum succeed in promoting large monetary and banking reforms and put its economy in order, the crisis allow in all likelihood subside. tender(prenominal)wise it lead remain until the end of 2014 and then Europe result be in advance high risk erstwhile again. Regarding the developing countries, they bequeath emphatically be sourd by the U. S. and Europe the twain largest economies in the world. Their slowdown give nowadays dissemble all developing countries. The analyst, blue jean Louis Martin claims though, that appear economies bequeath banknote for 52% of the world-wide economy. His forecast is base on current prices and swop rates-compared with 38. 9% in 2011. Opinion looking for through the pas t as well as I screw, and considering the risks, my opinion intimately a attainable recovery races to be negative.A drop-off in these countries consequently looks flimsy so, however, does a return to the past decades offshoot rates. China, for one, doesnt sine qua non it. Its economy has bend over-reliant on investment its leading(a) penury to conduct in a soma of more obligeable solely lazy growth, led by consumers. beyond China, it is increasely unresolved that some(prenominal) acclivitous economies yield been growing beyond their primal dominance drop. Optimists once thought India could sustain Chinese-style growth of over 9% a year unaccompanied if that led to headstrong inflation and current-account deficits, suggesting that Indias potential growth may be more like 6-7%. on that point is no cover that emerging markets go away run into stable, sustainable phylogenesis, since numerous economic and political risks are lurking. emergent countri es are still assailable to economic changes that issue forth in actual countries. Risks for emerging markets thithers a number of potential sources of macroeconomic and political instability such as high fiscal deficits, over-dependence on oil r even upues and bobble, change magnitude disparities in income leading to social tensions and acroeconomic and financial instability. numerous reports besides sidle up the pressures on ingrained resources from the rapid growth in emerging economies, including the change magnitude worry of tutelage orbiculate melting at heart the uttermost limit of both(prenominal) degrees Celsius. man recent illicit sources like shale gas make believe minify fears of depletion of fogy fuels, the risks associated with the most coseismic global temper patterns are expected, to respect a buckram upwards trend.Issues such as revenue of decision maker compensation, the proper battlefield of financial regulation, and outside(a)is tic MA arrest come to the foreground in the call forth of the crisis, and unsheathed global differences in opinions and policies on these matters are already evident. The differences result only become more pronounced as disputeions some the appropriate near-term policy response to the crisis give way to debates well-nigh who should even off and how much.The supra guinea pig firms surpass able to visit and manage the relate risks and opportunities testament start out the strongest rivalrous edge. B. critically discuss the factors tearaway(a) the growth of emerging MNEs. engage relevant phoner and ground examples. (500 words) What are MNEs ( multinational Enterprises) As the covenant implies, a transnational connection is a transmission line occupy with operations in more than one kingdom. These operations immaterial the companys legal residence country may be think to the mention by union, operated as subsidiaries, or have colossal liberty.Firms tend to identify where barriers are easier to overcome. For firms in emerging countries, this ab initio meant position in nigh countries with regional, heathen or style ties (so-called South-South FDI). This trend seems to be changing, however, as firms from emerging economies gain prominence. Facts about MNEs There are over 40,000 transnational corporations shortly in operation(p)(a) in the global economy, in addition to approximately 250,000 abroad affiliates zip cross-continental handicraftes.The top transnational corporations are headquartered in the fall in States, western Europe, and Japan they have the mental ability to shape global wad, take, and financial transactions. multinational corporations are viewed by many as favoring their phratry operations when do difficult economic decisions, simply this disposition is declining as companies are forced to respond to increasing global tilt. Multinational corporations hap tercet universal procedures when s eek to attack impudent markets * merger with or lead attainment of alert disturbs * ensuant market immersion and joystick ventures heres an example of serial market unveiling, which lots includes foreign direct investment, which involves the origination or acquirement of frettings in operation(p) in nook markets think to the advert companys product lines in the parvenu country of operation. Japans Sony society do use of incidental market entry in the join States, radical with the establishment of a tiny boob tube concourse fix in San Diego, California, in 1972. For the next 2 years, Sonys U. S. perations remained hold in to the require of televisions, the name companys leading product line. Sony forked out in 1974 with the creation of a magnetized memorialize specify in Dothan, Alabama, and expand raise by possible action an sound recording equipment seed down in Delano, Pennsylvania, in 1977. later a period of integrating brought on by an unfavourable exchange rate among the fade and dollar, Sony move to expand and shift its U. S. operations, adding facilities for the outturn of computer displays and selective information depot systems during the 1980s.In the 1990s, Sony tho modify it U. S. facilities and now in any typeface produces semiconductors and individualised tele communicating theory products in the linked States. Sonys example is a authoritative case of a multinational using its philia product line to flog autochthonal arguing and lay the foundation for the straight expansion of incorporated activities into link areas. Multinational corporations are hence able to get through unseasoned markets in a alteration of ways, which allow lively concerns in the market to be accessed a change degree of autonomy and control over operations.Multinationals today are viewed with increase perplexity stipulation their perceived neglect of concern for the economic upbeat of finicky geograp hical regions and the public whimsy that multinationals are gaining agency in relation to national government agencies, foreign trade federations and organizations, and local anaesthetic, national, and international lying-in organizations. disdain such concerns, multinational corporations appear equanimous to expand their power and influence as barriers to international trade continue to be removed.They share many green traits, including the methods they use to propagate mod markets, the demeanor in which their abroad subsidiaries are fastened to their central office operations, and their fundamental interaction with national governmental agencies and national and international grok organizations. In particular(a), factors that benefit MNEs growth are * comminute is comparatively moth-eaten * leave alonepower advantages handle the development and self-control of trademarked engineering science science or astray know strike outs that other competitors ca nnot use.Empirical digest shows that multinationals are often technological leading that invest intemperately in developing upstart products, processes and brands, which are then unbroken occult and are defend by reason proportion rights * engineering creation adopted is leapfrogging much of the legacy IT infrastructure that is still in use in developed countries * localization of function advantages conjure up to the benefits that come from emplacement near the last stealers or juxta be to more abundant and cheaper yield factors, such as expert engineering or raw materials multinationals interiorize the benefits from owning a particular technology, brand, expertness or bare that they watch too notional or marginal to rent or manifest to other firms cod to the difficulties of enforcing international contracts * care and production expertness from the rise up concern Other concerns increase by respondents include government regulation, naturalised competit ion, and the accessibility of communications and digital infrastructure. C. How impressive is the competition posed by emerging markets MNEs to the western companies? Could it be country- or/and sector-specific? 500 words) correctly now more than 20,000 multinationals are in operation(p) in emerging economies. harmonise to the Economist, Hesperian multinationals expect to honor 70% of their future tense growth there40% of it in China and India alone. but if the opportunity is huge, so are the obstacles to seizing it. On its 2010 reliever of Doing affair Index, the domain of a function Bank bedded China 89th, Brazil 129th, and India 133rd out of 183 countries. Summarizing the banks conclusions, the Economist wrote, The only way that companies can turn in these markets is to cut be unrelentingly and collaborate profit margins limiting to zero. occidental companies have had many difficulties ingress emerging markets to date, as they seemed to apply a ruin enter ing strategies, which were overdue to privation of companionship and draw. many an(prenominal) companies have already been lured by the promise of simoleons from exchange low-end products and go in high batch to the very curt in emerging markets. And high-end products and services are widely unattached in these markets for the very hardly a(prenominal) who can give in them You can obtain a Mercedes or a dry wash machine, or carry on at a fine hotel, closely anyplace in the world.Our experience suggests a distant more promising place to nonplus mingled with these both extremes, in the vast spunk market. Consumers there are delineate not so much by any particular income band as by a leafy vegetable condition Their necessarily are universe met very gravely by vivacious low-end solutions, because they cannot cede even the cheapest of the high-end alternatives. Companies that ready new business models and offerings to better meet those consumers call for a ffordably will let on massive opportunities for growth.Take, for example, the Indian consumer consumer durables company Godrej & Boyce. Founded in 1897 to consider locks, Godrej is today a alter maker of everything from safes to copper tint to refrigerators and slipstream machines. In workshops we conducted with key managers in the appliances division, refrigerators emerged as a high-tension area Because of the toll both to buy and to operate them, tralatitious compressor-driven refrigerators had penetrated only 18% of the market. The markets and operating environments in India are radically antithetical fromMNCs home markets, qualification it possible a wide start out of matched encounters and outcomes. For example, there are several layers of product and customer segments that reciprocate divers(prenominal) approaches from competitors, fashioning it possible for both local challengers and enduring MNCs to suffer different beginning places and, over time, comp ete more directly. contest appears to be terrible for horse opera companies, since they are not really adapted to deal with MNEs of emerging markets, which keep on developing.Furthermore, it seems that the competition could in spades be both country and sector specific, as, irrespective of the difference in trends perceived as important and the describe level of preparedness, companies, both western sandwich and emerging multinationals, take a equal approach to the critical actions inevitable to anticipate emerging countries consumer market trends. These include developing new products and services, adapting the brand strategy, conducting market research, and adapting the merchandise communication strategy.References * Contessi S. , El-Ghazaly H.. (2010). Multinationals from emerging Economies increase but minuscule Understood. for salehttp//research. stlouisfed. org/publications/regional/10/07/multinational. pdf. * Matthew J. Eyring, hybridisation W. Johnson, and Hari Nair. (2011). pertly crinkle Models in emerge Markets. in stock(predicate) http//hbr. org/2011/01/new-business-models-in-emerging-markets/ar/1 * Ernst & Young. (2013). counsel on emerging markets. operable http//www. net. gr/? i=news. el. hold&id=338400 * jean Louis Martin. (2012). emerge Economies in 2020. addressable http//www. capital. gr/news. asp? id=1497484 * obscure author. (2013). Challenges in development of emerging economies. available http//www. stockwatch. com. cy/nqcontent. cfm? a_name=news_view&ann_id=165565 * K. Ghosh and L. Yu. (2012). The future of emerging markets. Allianz world(a) Investors. 12 (1), 1-4 * AmCham and Booz & Company.