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This paper explores the behavior of emerging market mutual funds using a novel database covering the holdings of individual funds over the period Januar 1996 to March 1999. An examination of individual crises shows that, on average, funds withdrew money one month prior to the events. The degree...
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Preface Financial Markets and Intermediation Recent Developments and the Role of the Financial Sector p. 4 Recent Economic Developments Role of the Financial Sector Development of the Financial Sector p. 7 Prereform Financial System Reforms and...
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