It was higher still for French, Germans and Canadians. See IMF 1998, p. 187. The details of diversification, see World Bank 1997, p. 75; BIS (June) 1998, p. 89; IMF 1998, p. 185. BIS Review 96/1998  -6-  In addition to these institutional investors, banks have become more internationalised, readier to lend to emerging countries.
It is true that a significant proportion of investment is still tied to strategies which replicate major indices by investing in the front end of the curve and passively rolling into the next contract each month.