This paper explores the behavior of emerging market mutual funds using anovel database covering the holdings of individual funds over the periodJanuary 1996 to March 1999. An examination of individual crises shows that,on average, funds withdrew money one month prior to the events. Thedegree of...

This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs), including eight Asian economies. We first confirm that aggregate inflows to EMs comove considerably. Three findings are reported: (i) the aggregate comovement conceals significant heterogeneity across...

This paper explores the behavior of emerging market mutual funds using a novel database covering the holdings of individual funds over the period Januar 1996 to March 1999. An examination of individual crises shows that, on average, funds withdrew money one month prior to the events. The degree...