Changes in the Global Investor Base and the Stability of Portfolio Flows to Emerging Markets

@article{BrandaoMarques2015ChangesIT,
  title={Changes in the Global Investor Base and the Stability of Portfolio Flows to Emerging Markets},
  author={Luis Brandao-Marques and Gaston Gelos and Hibiki Ichiue and Hiroko Oura},
  journal={International Monetary Fund (IMF) Research Paper Series},
  year={2015}
}
An analysis of mutual-fund-level flow data into EM bond and equity markets confirms that different types of funds behave differently. Bond funds are more sensitive to global factors and engage more in return chasing than equity funds. Flows from retail, open-end, and offshore funds are more volatile. Global funds are more stable in their EM investments than 'dedicated' EM funds. Differences in the stability of flows from ultimate investors play a key role in explaining these patterns. The… Expand
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