Emerging markets today constitute a non-negligible part of the opportunity set for global investors, today about 12% of global market capitalization. They have historically allowed investors to take advantage of the relatively greater set of economic growth opportunities in the developing world. Because forecasts of economic growth generally do not take into account increases in free float through the effect of market liberalization on ownership structure, in some cases they may underestimate the actual growth potential. Proponents of emerging markets argue that emerging markets have historically provided potentially higher economic and market growth rates. Emerging markets have also demonstrated risks, including periodic crises, governance concerns and increased correlations with developed markets.