The aggregate size of the banks in the typical emerging country is now the size of a single regional bank in the United States - precisely the kind of bank that is told that it is too small to survive in today’s turbulent markets.”1  1  Speech to Institute for International Finance, Washington, October 1998.
BIS Review 99/1998  -3-  What is a small adjustment of investment strategy for a few major banks or mutual funds may be a large injection or withdrawal of funds for an emerging market.