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Annual Review of Economics

Volume 15, 2023

Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities

Abstract

Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly the rise of open-end mutual funds and exchange-traded funds, accounts for nearly half of the external financing flows to emerging markets, exceeding cross-border lending by global banks. Evidence suggests that investment fund flows enhance risk sharing across borders and provide emerging markets access to more diverse forms of financing. However, a growing body of evidence also indicates that investment funds are inherently more vulnerable to liquidity and redemption risks during periods of global financial market stress, increasing the volatility of capital flows to emerging markets. Benchmark-driven investments, namely passive funds, appear particularly sensitive to global risk shocks, such as tightening US dollar funding conditions, compared to their active fund counterparts. The procyclicality of investment fund flows to emerging markets during times of global stress poses financial stability concerns, with implications for the role of macroprudential policy.

Keyword(s): benchmark investing, emerging markets, global risk shocks, international capital flows, investment funds, JEL F21, JEL F32, JEL F36, JEL F65, JEL G11, JEL G15, JEL G23, non-bank financial intermediation, tail risk
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2023-09-13
2024-04-30
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/content/journals/10.1146/annurev-economics-082222-074901
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Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities
Annual Review of Economics 15, 549 (2023); https://doi.org/10.1146/annurev-economics-082222-074901
/content/journals/10.1146/annurev-economics-082222-074901
/content/journals/10.1146/annurev-economics-082222-074901
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