**Taxonomy of Emerging Countries and Emerging Markets **

Emerging countries are low or middle-income countries that may run out of money to pay back or have defaulted in the past. Emerging markets focus on the accessibility by foreigners into a market and consider factors such as local market access and tax implications. A bond in dollars from an emerging country that clears in Europe is considered a developed market, emerging country bond, while local currency bonds are classified as emerging country, emerging market bonds.