## Figure 1.23. Benchmark-Driven Portfolio Flows to Emerging Markets

## Source details

**Canonical URL:** [Figure 1.23. Benchmark-Driven Portfolio Flows to Emerging Markets](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-23.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-23.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-23.csv.json)

---

### 1. Estimated Foreign Holdings of Local Currency Sovereign Debt (Share of total in percent)
- Reversals sample values:
  - EM benchmark driven: "31.46"
  - Other (for example, hedge funds, global bond benchmarks): "68.54"
- Alternate sample row:
  - EM benchmark driven: "31.19"
  - Other: "68.81"

### 2. Correlations between Flows to a Particular Emerging Market (Country and Overall Emerging Market Flows)
- Ukraine:
  - Benchmark driven correlation: "0.877"
  - Overall portfolio flows (BoP based): "0.258"
- South Africa:
  - Benchmark driven correlation: "0.872"
  - Overall portfolio flows (BoP based): "0.538"
- Russia:
  - Benchmark driven correlation: "1.06"
  - Overall portfolio flows (BoP based): "0.54"
  - Other investor: "0.34"
- China (sample row):
  - Benchmark driven correlation: "0.00"
  - Overall portfolio flows (BoP based): "0.00"
  - Other investor: "1.03"

### 3. Sensitivity of Debt Flows to External Shocks (Percent of invested assets)
- Risk shock: BBB spread
  - Impact values shown: "-1.74", "-0.58"
- Risk shock: VIX
  - Impact values shown: "-2.04", "-0.51"

### 4. Sensitivity of Benchmark-Driven Debt Flows to External Factors (Percent of invested assets)
- US interest rates (10-year Treasury): sample label present
- Risk aversion (BBB spread): sample label present

### 5. Estimated Outflows from Benchmark-Driven Investors in Response to a One Standard Deviation Shock (Billions of US dollars)
- Event labels and sample impacts:
  - US interest rate shock — Taper tantrum (2013): "-1.95"
  - US interest rate shock — RMB devaluation (2015): "-1.95", "-0.16", "-1.57", "-0.13"
- Dates associated with sample shock entries:
  - "1/29/2010"
  - "2/26/2010"
  - "1/1/2013"
  - "2/1/2013"

### 6. Local Currency Government Bonds Held by Nonresident Investors (Percent of GDP)
- Sample investor composition headings:
  - EM benchmark driven
  - Global benchmark driven
  - Other investor

*Dataset: figure1-23 (CSV worksheet sample rows and column headings).*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/ch1csv/figure1-23.csv_