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

Author: Mr. Luis Brandao Marques, Mr. R. G Gelos, Hibiki Ichiue, and Ms. Hiroko Oura

Volume/Issue: Volume 2015 Issue 277

Publication date: December 2015

ISBN: 9781513555560

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , 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

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Summary

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.