Retail fund exposures make EMs more sensitive to shocks, IMF says

IMF headquarters in Washington, DC
International Monetary Fund

The rise of local-currency bond funds and global mutual funds has combined with increased investment in emerging capital markets by sovereign wealth funds and central banks to radically change the composition of investors in emerging markets (EM), according to the IMF – making those markets more sensitive to global financial shocks.

In a chapter of the latest Global Financial Stability Report (GFSR) published today, the IMF says the mix of investors in EM stocks and bonds has evolved

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