## Figure 1.21

## Source details

**Canonical URL:** [Figure 1.21](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-21.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-21.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-21.pdf.json)

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### Overview
- Title: Recent Pressures and Outlook for Portfolio Flows to Emerging Markets
- Panels described:
  - 1. Nonresident Portfolio Flows to EMs (Billions of US dollars, three-month rolling sum)
  - 2. Estimated Cumulative Impact of External Factors on Emerging Market Portfolio Flows (Billions of US dollars)
  - 3. Cumulative Emerging Market Equity Fund Flows (Billions of US dollars)
  - 4. Cumulative Emerging Market Bond Fund Flows (Billions of US dollars)
- Note: The model underlying panel 2 is discussed in more detail in the October 2017 Global Financial Stability Report.
- Definitions: EM = emerging market; ETF = exchange-traded fund.

### Time frame and axis values shown on charts
- Time coverage labels: 2013, 2014, 2015, 2016, 2017, 2018, 2019; quarterly labels include 2017:Q4, 18:Q1, 18:Q2, 18:Q3, 18:Q4, 19:Q1.
- Monthly tick labels on panels: Mar. 2018, Apr. 18, May 18, Jun. 18, Jul. 18, Aug. 18, Sep. 18, Oct. 18, Nov. 18, Dec. 18, Jan. 19, Feb. 19, Mar. 19.
- Vertical axis sample values (panel 1): –70, –60, –50, –40, –30, –20, –10, 0, 10.
- Vertical axis sample values (panel 2): –40, –20, 0, 40, 20, 60, 80.
- Vertical axis sample values (panel 3): –50, –40, –30, –20, –10, 0, 10.
- Vertical axis sample values (panel 4): –80, –60, –40, –20, 0, 20, 40, 60, 80, 100, 120, 140.

### Key series and labels shown
- Risk aversion
- Federal Reserve assets: Portfolio balance effect
- Expected Federal Reserve policy path
- Local currency mutual funds
- Local currency ETFs
- Hard currency and blend mutual funds
- Hard currency and blend ETFs
- Total EM bond fund flows
- China ETF
- China mutual funds
- All ETFs excluding China
- All mutual funds excluding China
- Total EM equity fund flows

### Notable events annotated on the charts
- Taper tantrum
- Renminbi devaluation
- US election
- EM sell-off
- Portfolio debt

### Descriptive findings quoted from the figure
- "Portfolio flows have rebounded in recent months ...... as the drag from external factors has partially receded."
- "The resilience of emerging market aggregate fund flows reflected strong inflows in Chinese equities."
- "Bond fund flows were cushioned by resilient inflows into hard currency ETFs."

*Sources: EPFR Global; Institute of International Finance; and IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-21.pdf_