While the term is appealing, we do not use it in this text for three reasons. First, “emerging market” is widely used in the financial press to suggest the presence of active stock and bond markets; although financial deepening is important, it is only one aspect of economic development. Second, referring to nations as “markets” may lead to an underemphasis on some non-market priorities in development. Third, usage varies and there is no established or generally accepted designation of which markets should be labeled emerging and which as yet to emerge.