Mutual Fund Investment in Emerging Markets : An Overview

Kaminsky, Graciela L. ; Lyons, Richard K. ; Schmukler, Sergio L.

Washington, DC:World Bank

关键词: ACCOUNTING;    AGGREGATE ASSETS;    AGGREGATE VALUES;    ASSET ALLOCATION;    ASSET CLASSES;   

RP-ID  :  77359

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

International mutual funds are keycontributors to the globalization of financial markets andone of the main sources of capital flows to emergingeconomies. Despite their importance in emerging markets,little is known about their investment allocation andstrategies. This article provides an overview of mutual fundactivity in emerging markets. It describes their size, assetallocation, and country allocation and then focuses on theirbehavior during crises in emerging markets in the 1990s. Itanalyzes data at both the fund-manager and fund-investorlevels. Due to large redemptions and injections, funds'flows are not stable. Withdrawals from emerging marketsduring recent crises were large, which is consistent withthe evidence on financial contagion.