Although the characteristics of emerging markets are relatively diverse, Thailand can represent the rest of the emerging countries, those in Asia in particular. This is because the Thai stock market exhibits several behaviours which are consistent with the average for emerging markets. For example, while the ten-year annualized growth of emerging markets ranged from (Taiwan) to (India), the Thai stock market grew by per year and this figure is comparable to the growth of the MSCI Emerging Markets index 1 , (MSCI, 2010). Also, Lim and Brooks showed that Thailand obtained a World Bank FSDI equity market.
