## Figure 1.10

## Source details

**Canonical URL:** [Figure 1.10](https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-10.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-10.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-10.pdf.json)

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### Panels and labels
- 1. Emerging Market Portfolio Flows (Cumulative since April 1, in billions of U.S. dollars)
- 2. Currencies versus U.S. Dollar (Indexed to April 1)
- 3. Equities and Credit Spreads (Indexed to April 1, spreads in basis points)
- EM equities
- AE equities
- EMBIG spread (right scale, inverted)
- EM Asia
- EM Latin America
- Advanced economies
- Equity fund flows
- Bond fund flows
- Portfolio flows

### Notes on data and interpretation
- Sources: Bloomberg Finance L.P.; EPFR Global; Institute of International Finance (IIF); and IMF staff estimates.
- Note: In panel 1, fund flows are net inflows into EM-dedicated investment funds, including mutual funds and ETFs, as reported by EPFR Global. Portfolio flows are net nonresident purchases of emerging market stocks and bonds, obtained from the IIF daily flows database. The main differences between these two datasets include (1) fund flows data are sample-based and mainly capture retail investors, (2) different country samples, and (3) limited coverage of hard currency flows in the IIF data.
- AE = advanced economy; EM = emerging market; EMBIG = JP Morgan’s Emerging Market Bond Index Global; ETF = exchange-traded funds.

### Key observations and timeline excerpts from the figure
- "Portfolio outflows from EMs began in mid-April ..."
- "... with the strengthening of the U.S. dollar ..."
- "... but pressures shifted to equity markets as trade tensions flared up in June."

### Axis and tick values shown (as presented)
- Panel 1 axis ticks (vertical): –30, –25, –2 0, –15, –10, –5, 0, 5, 10, 15, 20
- Panel 2 index values (sample ticks shown): 85, 90, 95, 100, 105, 110
- Panel 3 index and spread ticks (sample ticks shown): 270, 290, 310, 330, 350, 370, 390, 410, 82, 87, 92, 97, 102
- Time axis labels: Apr. May Jun. Jul. Apr. May Jun. Jul. Aug. Sep. Apr. May Jun. Jul. Aug. Sep. Aug. Sep.

*Source: IMF staff figure (Figure 1.10).*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-10.pdf_