Emerging market equity funds saw $12.2 billion being pulled out by international investors in January, according to the World Bank.
This is only a little lower than the cumulative $15 billion outflow recorded for the whole of 2013.
Emerging-market bond funds also suffered outflows of $4.6 billion.
And the flow of money from developing economies back to a strengthening US economy will continue.
Overall, stock markets are currently 10% lower than in January 2013 in developing countries, versus 15% to 25% gains in high income countries.
The World Bank’s outlook for the financial markets:
Looking forward, prospects are mixed. Financing conditions are likely to tighten further in the coming months as monetary policies continue to normalize. This, combined with a shrinking growth differential between developing and high-income countries, should translate into weaker capital inflows to developing countries this year. Overall, net private capital inflows are projected to slow from $1.078 trillion (4.6% of developing-country GDP) in 2013 to $1.065 trillion (4.2% of GDP) in 2014.