Based on the research of Miller (1998), emerging markets are having three main
characteristics which are physical, sociopolitical and economic. Firstly, emerging markets are
considered to lack of infrastructure for commercial, communication, transportation and power
(Takushi, 2013). Secondly, emerging markets are also believed to have instability in political,
low technological level, lack of adequate legal framework and regulations for a fully functional
marketplace (Banga, et al., 2005). Moreover, the social’s order is also considered to be weak and
lack of social disciplines with unique cultural. Last but not least, the economic characteristics of
emerging markets are believed to have strong growth potential but the income per capita is still
low (Banga, et al., 2005). Countries in emerging markets also have the Government controlled
the currency, monetary issues and plays a vital position in the wealth creation process of the
economy as well as in driving the economy forward.
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