Frontier Markets contd.

The Economist writes about emerging markets being the flavor to the moment,are they?:

Back in 2002, emerging-market bonds offered a yield a full ten percentage points higher than American Treasury bonds. This year, although spreads have widened from the historic lows seen in May, they have settled at a modest two percentage points or so.
The performance of the equity markets has also been impressive. The MSCI emerging markets index has risen by nearly 40% so far this year, a remarkable achievement given the credit crunch and geopolitical worries. Although China's stockmarket has more than doubled, this is not all about the People's Republic; the Polish, Indian, Brazilian and Pakistani markets are all up by more than 40%.
Indeed, investor focus is now shifting towards what Michael Hartnett of Merrill Lynch dubs “the emerging emerging markets”, such as Botswana and Kazakhstan. MSCI is in the process of launching a benchmark for such exotica called the “frontier market” index.