Kaminsky, Graciela L.Lyons, Richard K.Schmukler, Sergio L.2014-03-272014-03-272001-05World Bank Economic Reviewhttps://hdl.handle.net/10986/17442International mutual funds are key contributors to the globalization of financial markets and one of the main sources of capital flows to emerging economies. Despite their importance in emerging markets, little is known about their investment allocation and strategies. This article provides an overview of mutual fund activity in emerging markets. It describes their size, asset allocation, and country allocation and then focuses on their behavior during crises in emerging markets in the 1990s. It analyzes data at both the fund-manager and fund-investor levels. Due to large redemptions and injections, funds' flows are not stable. Withdrawals from emerging markets during recent crises were large, which is consistent with the evidence on financial contagion.en-USCC BY-NC-ND 3.0 IGOACCOUNTINGAGGREGATE ASSETSAGGREGATE VALUESASSET ALLOCATIONASSET CLASSESASSET HOLDINGSASSET TYPEASSETSASYMMETRIC INFORMATIONBANK LENDINGBANK LOANSBEHAVIOR OF MANAGERSBEHAVIOR OF MUTUAL FUNDBEHAVIOR OF MUTUAL FUNDSBENCHMARKBENCHMARK INDICESBONDBOND FLOWSBOND FUNDSBONDSCAPITAL FLOWSCAPITAL GAINSCAPITAL INFLOWSCAPITAL MARKETCAPITAL MARKET CONTAGIONCAPITAL MARKETSCASH FLOWCASH FLOWSCLOSED-END FUNDSCOUNTRY PORTFOLIOSCREDIT LINESCRISIS COUNTRIESCURRENCYCURRENCY CRISESCURRENCY CRISISCURRENCY TURMOILDEBTDEBT CRISISDEPOSITARY RECEIPTSDEVALUATIONDEVELOPING COUNTRIESDISCLOSURESDIVERSIFICATIONDOMESTIC MUTUAL FUNDSEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET EQUITYEMERGING MARKET FUNDEMERGING MARKET FUND ASSETSEMERGING MARKET FUNDSEMERGING MARKET INFLOWSEMERGING MARKET SHARESEMERGING MARKETSEQUITIESEQUITY FLOWEQUITY FLOWSEQUITY FUNDSEQUITY INVESTMENTEQUITY MARKETSEQUITY MUTUAL FUNDSEQUITY PENSION FUNDSESTIMATES FOR HEDGE FUNDSEXCHANGE COMMISSIONFEEDBACK TRADINGFINANCIAL CONTAGIONFINANCIAL CRISESFINANCIAL CRISISFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SUPPORTFOREIGN BONDSFOREIGN DIRECT INVESTMENTFOREIGN INVESTORFOREIGN INVESTOR BEHAVIOURFOREIGN INVESTORSFOREIGN MUTUAL FUNDSFUND BEHAVIORFUND MANAGERFUND MANAGERSFUND NETFUND OUTFLOWSFUND SHARESFUND SIZEFUND TYPEFUND TYPESGLOBAL ASSETSGLOBAL FUNDSGLOBALIZATIONHEDGE FUNDSHOLDINGILLIQUID MARKETSINDEX FUNDSINDIVIDUAL INVESTORSINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINTEREST RATESINTERNATIONAL BANKINTERNATIONAL BANKSINTERNATIONAL DIVERSIFICATIONINTERNATIONAL FINANCEINTERNATIONAL FUNDSINTERNATIONAL INSTITUTIONAL INVESTORSINTERNATIONAL INSTRUMENTSINTERNATIONAL INVESTORSINTERNATIONAL LENDINGINTERNATIONAL MARKETINTERNATIONAL MUTUAL FUNDSINTERNATIONAL PORTFOLIOSINTERNATIONAL SETTLEMENTSINVESTINGINVESTMENT ALLOCATIONINVESTMENT BEHAVIORINVESTMENT CAPITALINVESTMENT COMPANYINVESTMENT PORTFOLIOINVESTOR BEHAVIORINVESTOR RETRENCHMENTLARGE FUNDSLARGE INVESTORSLENDERLENDERSLEVYLIFE INSURANCELIQUID ASSETSLIQUIDITYLIQUIDITY SQUEEZESLOCAL MARKETLOCAL STOCK MARKETSMACROECONOMIC RISKSMARKET CAPITALIZATIONMONETARY FUNDMONEY MARKETMONEY MARKET FUNDSMUTUAL FUNDMUTUAL FUND ACTIVITYMUTUAL FUND ASSETSMUTUAL FUND BEHAVIORMUTUAL FUND CATEGORYMUTUAL FUND DATAMUTUAL FUND FLOWSMUTUAL FUND GROWTHMUTUAL FUND INDUSTRYMUTUAL FUND INVESTMENTMUTUAL FUND INVESTORSMUTUAL FUND MANAGERSMUTUAL FUND PORTFOLIOMUTUAL FUND PORTFOLIOSMUTUAL FUND SHAREHOLDERMUTUAL FUND SHARESMUTUAL FUND STRATEGIESMUTUAL FUND UNIVERSEMUTUAL FUND WITHDRAWALSNET ASSETNET ASSET VALUENET ASSET VALUESNET ASSETSNUMBER OF SHARESOFFSHORE FUNDSOPEN-END FUNDSOPEN-END MUTUAL FUNDSOUTSTANDING SHARESPENSIONPENSION FUNDPENSION FUND INVESTMENTPENSION FUNDSPORTFOLIOPORTFOLIO ALLOCATIONPORTFOLIO CHANGESPORTFOLIO FLOWSPORTFOLIO HOLDINGSPORTFOLIO INVESTMENTPORTFOLIO INVESTORSPORTFOLIO SIZEPORTFOLIOSPOSITIVE-FEEDBACK TRADINGPRIVATE CAPITALPRIVATE CAPITAL FLOWSPROPRIETARY TRADINGPUBLIC FUNDSRATIONAL INVESTORSREAL INTERESTREAL INTEREST RATESREDEMPTIONREDEMPTIONSREGIONAL FUNDSRETURNSRISK FACTORSSALE OF ASSETSSECURITIESSECURITIES MARKETSSHAREHOLDERSSHORT-TERM PORTFOLIOSINGLE-COUNTRY FUNDSSMALL FUNDSSPECULATIVE ATTACKSPECULATIVE ATTACKSSTOCK EXCHANGESTOCK FUNDSSTOCK MARKETSTOCK MARKET CAPITALIZATIONSTOCK MARKETSSTOCK PRICESSTOCKSTRANSITION ECONOMIESTREASURY BILLSUNINFORMED INVESTORSVOLATILITYWORLD FUNDSWORLD MUTUAL FUNDSJournal ArticleWorld Bank10.1596/17442