An aqueous polymer dispersion prepared by free-radical polymerization of vinyl acetate in the presence of at least one ionic emulsifier, at least one free-radical initiator and at least one protective colloid, wherein the polymerization is carried out in the presence of a polymerization regulator and wherein the ratio by weight of protective colloid to ionic emulsifier is at least 4:1 and wherein the ratio by weight of vinyl acetate monomer to protective colloid is between 19:1 and 4:1.

 
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