The term, pre-emerging markets is a standard term for the smaller, and/or less-developed — yet still investable — equity markets of the developing world. The term is a synonym for what have become known as the Frontier markets. The countries comprising the list of pre-emerging, or frontier equity markets is often debated, and by definition, is constantly changing. By definition of their inclusion in this category, pre-emerging markets are expected to "graduate" to emerging market status over time, in that the market capitalization will increase as a percentage of GDP, and that the liquidity of the markets will gradually improve.