Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 2004 erstellt
Description:
The expansion of the global mutual fund industry has been represented by both, its growth in mature as well as in emerging markets. This has clearly contributed to the development of local securities markets in emerging economies, which in turn, has been key in attracting investment inflows from overseas funds. A major concern, however, is that large foreign investors could significantly disrupt the stability of local capital markets in the event of a market shock, with systemic implications for the real economy. Our estimates suggest that while local investors remain the more important group in terms of market share, the influence of foreign funds remains cannot be discounted. Asset allocation decisions by mature market funds - both dedicated and crossover - in aggregate, could affect emerging markets. In particular, European mutual funds appear to play a much bigger role than their US counterparts in emerging markets