An emerging market is a country that has some characteristics as a developing market but does not meet the standard of the developing market, such as the United States. The "emerging market" economy is a nation's economy that is progressing toward becoming advanced as shown by some liquidity in local debt and equity and the existence of some form of market exchange and regulatory body. Emerging markets are not as advanced as developed countries, but they maintain economies and infrastructure that are more advanced than frontier market countries.