Our latest analysis shows cross-border portfolio flows to emerging markets have risen sharply since the global financial crisis, driven largely by nonbank financial investors, with cumulative inflows approaching $4 trillion in 2025. Chapter 2 of our latest Global Financial Stability Report: https://www.imf.org/en/publications/gfsr/issues/2026/04/14/global-financial-stability-report-april-2026(IMF)