Equity investment prospects in emerging markets |
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| Affiliation: | 1. Departamento de Genética del Desarrollo y Fisiología Molecular, Instituto de Biotecnología, Universidad Nacional Autónoma de México, Cuernavaca, Morelos CP 62210, México;2. Departamento de Medicina y Nutrición, División de Ciencias de la Salud, Universidad de Guanajuato; Campus León, Guanajuato CP 37320, México;3. Facultad de Ciencias, Universidad Autónoma del Estado de México, Toluca, Estado de México CP 50000, México;4. Departamento de Bioquímica, Centro de Estudios Avanzados (CINVESTAV), México D. F. CP 07360, México;1. Plant Molecular Genetics Laboratory, Department of Botany, University of Delhi, Delhi 110007, India;2. Department of Plant Pathology, University of Agricultural Sciences, Raichur, Karnataka 584102, India;3. National Research Centre on DNA Fingerprinting, National Bureau of Plant Genetic Resources, New Delhi 110012, India;1. School of Social and Community Medicine, University of Bristol, 39 Whatley Rd., Bristol BS8 2PS, United Kingdom;2. Public Health England, Knowledge and Intelligence Team (South West), 149 Whiteladies Rd., Bristol BS8 2RA, United Kingdom;1. Institut für Physikalische and Theoretische Chemie, Technische Universität Graz, A-8010 Graz, Austria;2. Institut für Anorganische Chemie, Technische Universität Graz, A-8010 Graz, Austria;3. Department de Química Inorgànica, Universitat de Barcelona, Martí i Franquès 1-11, 08028 Barcelona, Spain;4. Department of Chemistry, University of Louisiana at Lafayette, P.O. Box 44370, Lafayette, LA 70504, USA |
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| Abstract: | The Mexican debacle in late 1994 had a contagious, if short-lived impact on emerging markets. Evidence suggests that fund managers panicked and withdrew investments. Portfolio equity flows to emerging markets decreased by more than a third in 1995. The investor base shrank. The longterm case for investing in emerging markets is, however, very strong. Most of them are growing faster, some much faster, than developed countries, and are likely to yield higher returns on investment. By one estimate, emerging markets will increase their share of world stock market capitalization from 15 percent in 1995 to 45 percent in 2010. The article will review the trends in private capital flows and prospects for the future, focusing on opportunities in East Asia as an example. The author discusses the investment strategies that help explain the panic of 1995 and proposes a more analytical approach to investment in developed markets and the information needed to facilitate its adoption. |
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