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Are institutional investors an important source of portfolio investment in emerging markets?

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Author Info
Chuhan, Punam
DEC
Abstract

The author examines five major industrial countries'portfolio investment in developing countries to learn if institutional investors are significant investors in emerging developing countries. The data reveals considerable divergence in the pattern of outward portfolio flow for the industrial countries studied. Evidence on asset composition and discussion with market participants suggest that major institutional investors (such as pension funds and insurance companies) have tended to approach the markets for emerging developing countries cautiously. They invest only a tiny fraction of their portfolios in emerging market securities. The author finds that investor-country regulations governing outward portfolio investment were a significant constraint only in Germany.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 1243.

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Date of creation: 31 Jan 1994
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Handle: RePEc:wbk:wbrwps:1243

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Keywords: International Terrorism&Counterterrorism; Non Bank Financial Institutions; Insurance Law; Economic Theory&Research; Insurance&Risk Mitigation;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Chuhan, Punam & Claessens, Stijn & Mamingi, Nlandu, 1998. "Equity and bond flows to Latin America and Asia: the role of global and country factors," Journal of Development Economics, Elsevier, vol. 55(2), pages 439-463, April. [Downloadable!] (restricted)
  2. Kenneth R. French & James M. Poterba, 1991. "Investor Diversification and International Equity Markets," NBER Working Papers 3609, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Tesar, L.L. & Werner, I.M., 1992. "Home Bias and the Globalization of Securities Markets," University of California at Santa Barbara, Economics Working Paper Series 16-92, Department of Economics, UC Santa Barbara.
  4. Gooptu, Sudarshan, 1993. "Portfolio investment flows to emerging markets," Policy Research Working Paper Series 1117, The World Bank. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Peter Christoffersen & Hyunchul Chung & Vihang Errunza, 2003. "Size Matters: The Impact of Capital Market Liberalization on Individual Firms," CIRANO Working Papers 2003s-13, CIRANO. [Downloadable!]
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