Table 6

The Behavior of Emerging Market Returns


Estimated Transactions Costs in Emerging Markets - Baring's Index Spread Analysis
Spread inWeightWeight BEMI
CountryBasis PointsBEMI+Standalones
Argentina1555.94%5.46%
Brazil8515.69%14.42%
Chile3936.46%5.94%
China1340.00%1.66%
Colombia*1000.00%1.13%
Greece481.80%1.65%
India*1500.00%4.39%
Indonesia1123.11%2.86%
Jordan580.00%0.25%
Malaysia6914.25%13.09%
Mexico9311.68%10.74%
Pakistan380.56%0.52%
Peru1112.31%2.12%
Philippines944.47%4.11%
Poland*1500.00%0.69%
Portugal931.91%1.75%
South Africa11212.23%11.23%
South Korea414.56%4.19%
Taiwan475.23%4.81%
Thailand708.19%7.52%
Turkey1601.61%1.48%
*Spread numbers are approximate
Global Spread (Basis Points)
Cap WeightCap WeightEqual WeightEqual Weight
Index+Standalones+Standalones
Global108110108110
Asia69806784
Europe+Africa108109103104
Latin America146145167156
Source: Baring Securities (July 1995)
-Please note that these figures represent spreads only, and do not include
either commissions or various taxes.
-Countries and weights differ from both IFC and MSCI.


Last Updated: May 22, 1996

Analyst/Contact: Campbell R. Harvey

E-Mail Address: charvey@mail.duke.edu