High internal phase ratio emulsions and stable aqueous dispersions of hydroxy-functional polymers

A composition comprising a high internal phase ratio emulsion having water as a continuous phase and a thermoplastic hydroxy-functional polyether as a disperse phase wherein the hydroxy-functional polyether has structural units represented by either of the formulae:

• ##STR16## where R.sup.1 is predominantly a hydrocarbylene moiety;
• R.sup.5 is independently in each occurrence hydrogen or alkyl;
• n is 0 or 1;
• R.sup.3 is ##STR17## and R.sup.4 is ##STR18## where R.sup.2 is predominantly a hydrocarbylene moiety or ##STR19## where R.sup.6 is predominantly hydrocarbylene;
• R.sup.7 is independently in each occurrence hydrogen or methyl;
• X is ##STR20## wherein R.sup.8 is independently in each occurrence C.sub.2 -C.sub.20 hydrocarbylene;
• Z is independently in each occurrence H, alkylamido, hydroxyl, alkoxy, alkylcarbonyl, aryloxy, arylcarbonyl, halo, or cyano, Y is predominantly a hydrocarbylene moiety;
• and each m is independently an integer from about 0 to 100.