TAILIEUCHUNG - The Role of Mature Market Mutual Funds in Emerging Markets: Myth or Mayhem?

The first SWF was established by Kuwait in 1953 as a means to help stabilize the economy from fluctuating oil prices. 20 In 1956 the Gilbert Islands (now Kiribati) established the Revenue Equalization Reserve Fund to manage profits from phosphate mining. Following Kuwait and Kiribati, the next major SWFs were created in the 1970s in the wake of the oil shock. The most recent wave began in the 1990s with the Norway Government Pension Fund-Global in 1990 and continues to this day. In the last five years, funds have been established by China, Iran, Russia, Qatar, and the United Arab Emirates | WP 04 133 IMF Working Paper The Role of Mature Market Mutual Funds in Emerging Markets Myth or Mayhem Li Lian Ong and Amadou Sy INTERNATIONAL MONETARY FUND 2004 International Monetary Fund WP 04 133 IMF Working Paper International Capital Markets Department The Role of Mature Market Mutual Funds in Emerging Markets Myth or Mayhem 1 Prepared by Li Lian Ong and Amadou Sy Authorized for distribution by Donald J. Mathieson July 2004 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author s and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author s and are published to elicit comments and to further debate. The expansion of the global mutual funds industry has been characterized by growth in mature as well as emerging markets. This has clearly contributed to the development of local securities markets in emerging market 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 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 in emerging markets than their . counterparts. JEL Classification Numbers F21 G15 Keywords asset allocation crossover investors dedicated investors emerging markets mature markets mutual funds Authors E-Mail Addresses long@ asy@ 1 The authors wish to thank Francesc Balcells Don Mathieson Markus Krygier and Gabriel Sensenbrenner for their .

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