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The global growth of mutual funds

Deepthi Fernando, Leora Klapper (), Victor Sulla and Dimitri Vittas

No 3055, Policy Research Working Paper Series from The World Bank

Abstract: With few exceptions, mainly in Asia, mutual funds grew explosively in most countries around the world during the 1990s. Equity funds predominated in Anglo-American countries while bond funds predominated in most of Continental Europe, and in middle-income countries. Capital market development (reflecting investor confidence in market integrity, liquidity, and efficiency) and financial system orientation were the main determinants of mutual fund growth. Restrictions on competing products acted as a catalyst for the development of money market and (short-term) bond funds.

Keywords: Payment Systems&Infrastructure; Economic Theory&Research; Financial Intermediation; International Terrorism&Counterterrorism; Non Bank Financial Institutions; Economic Theory&Research; Financial Intermediation; Non Bank Financial Institutions; Infrastructure Finance; Infrastructure Finance (search for similar items in EconPapers)
Date: 2003-05-31
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