The term “emerging markets” was first coined nearly 30 years ago and has become outdated, as the differences between developed and emerging markets have lessened, according to a white paper from Standish Mellon Asset Management Co., the fixed income division of BNY Mellon Asset Management.

Instead, the firm suggests “ASTERICS,” or “assets tied to economies of risky countries.” Thus, even developed nations whose fundamentals are deteriorating could be included in the classification, according to Standish Mellon. Most notably, many developed nations are facing political risks and large deficits, the report notes.

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