Fernando, DeepthiKlapper, LeoraSulla, VictorVittas, Dimitri2014-05-052014-05-052003-05https://hdl.handle.net/10986/18182With 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.en-USCC BY 3.0 IGOGLOBAL ENVIRONMENTMUTUAL FUND RATINGEQUITY FUNDSBOND OPTIONSMIDDLE-INCOME ECONOMIESCAPITAL MARKETINVESTOR CONFIDENCEMARKET INTEGRATIONFINANCIAL SYSTEMSCOMPETITIVENESSMONEY MARKET FUNDS ACCOUNTINGASSET MANAGEMENTASSETSBANK DEPOSITSBANKING SYSTEMSBANKSBOND MARKETSBONDSCAPACITY BUILDINGCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCHECKING ACCOUNTSCOMMERCIAL BANKSCONTRACTUAL SAVINGSCORPORATE GOVERNANCEDEMAND FOR MONEYDEPOSIT ACCOUNTSDERIVATIVE MARKETSELASTICITYEQUITY MARKETSEQUITY RETURNSEXPORTSFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL REGULATIONGDPGLOBALIZATIONGOVERNMENT BONDSGROWTH RATEINCOMEINCOME ELASTICITY OF DEMANDINFLATIONINFORMATION DISCLOSUREINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINSURANCE INDUSTRIESINTEREST RATEINTEREST RATESINVESTMENT COMPANYINVESTMENT DECISIONSLARGE SHAREHOLDERSLIFE INSURANCELIFE INSURANCE COMPANIESLIQUIDITYLONG-TERM FUNDSMACROECONOMIC PERFORMANCEMONEY MARKET FUNDSMUTUAL FUNDMUTUAL FUNDSNATIONAL INCOMEPENSION FUNDSPENSION PLANSPENSIONSPER CAPITA INCOMEPORTFOLIO DIVERSIFICATIONPORTFOLIOSREGULATORY FRAMEWORKSAVINGSSAVINGS DEPOSITSSECURITIESSECURITIES MARKETSTAX REASONSTRANSPARENCYTRUSTSVALUATIONWEALTHMONEY MARKET FUNDSACCOUNTING10.1596/1813-9450-3055