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

Luis Brandao Marques, R. Gaston Gelos (), Hibiki Ichiue () and Hiroko Oura

No 2015/277, IMF Working Papers from International Monetary Fund

Abstract: 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 changing mix of global investors over the past 15 year has probably made portfolio flows to EMs more sensitive to global financial conditions.

Keywords: WP; investment company; hard currency; crossover fund; country flow data; fund manager; global bond; Capital flows; emerging markets; mutual funds; fund characteristic; EM fund; panel regression; managed fund; end investor; Bonds; Stocks; Currencies; Global; Europe (search for similar items in EconPapers)
Pages: 36
Date: 2015-12-28
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Journal Article: Changes in the global investor base and the stability of portfolio flows to emerging markets (2022) Downloads
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Handle: RePEc:imf:imfwpa:2015/277