Which Statement Is Not True Regarding Emerging Markets

Which statement is not true regarding emerging markets?

A) Emerging market financial institutions have generally proven to be weaker than those in industrialized countries.
B) Emerging markets are the capital markets of poorer, developing countries that have liberalized their financial system to allow private asset trade with foreigners.
C) Countries with emerging markets include Brazil, Mexico, and Thailand.
D) Countries with emerging markets have been unable to liberalize their financial systems to allow private trade with foreigners.
E) Emerging market financial institutions contributed to the financial crisis of 1997-1999.