The Global Growth of Mutual Funds
44 Pages Posted: 20 Apr 2016
Date Written: May 2003
Abstract
With few exceptions, mainly in Asia, mutual funds grew explosively in most countries around the world during the 1990s. Equity funds predominated in Anglo-American countries while bond funds predominated in most of Continental Europe and in middle-income countries. Capital market development (reflecting investor confidence in market integrity, liquidity, and efficiency) and financial system orientation were the main determinants of mutual fund growth. Restrictions on competing products acted as a catalyst for the development of money market and (short-term) bond funds.
This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study mutual funds development.
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