An aqueous copolymer dispersion obtained by a free radical-initiated multi-stage emulsion polymerization process comprising: (a) polymerizing in a reaction zone in a first polymerization stage a first monomer composition comprising at least 88 weight percent of at least one vinyl ester of a C 1 to C 18 carboxylic acid and up to 12 weight percent ethylene to produce a first stage polymer having a glass transition temperature Tg of greater than 20°C; and (b) polymerizing in the reaction zone, in a second polymerization stage and in the presence of the first stage polymer, a second, different monomer composition comprising at least one vinyl ester of a C 1 to C 18 carboxylic acid and at least one C 2 to C 8 alkyl ester of acrylic or methacrylic acid in an amount up to 30 weight percent of the total monomers in the second monomer composition to produce a second stage polymer having a glass transition temperature Tg of less than or equal to 20°C, wherein the first monomer composition is substantially free of C 2 to C 8 alkyl esters of acrylic or methacrylic acid; wherein the second monomer composition is metered into the reaction zone during at least part of the second polymerization stage; wherein each of the polymerization stages (a) and (b) is conducted in the presence of a stabilizing system which comprises at least 0.1 weight percent of at least one protective colloid, at least 0.05 weight percent of at least one ionic surfactant and less than 2 weight percent of nonionic surfactant, all percentages in the stabilizing system being based on the total weight of monomers in the first and second monomer compositions; and wherein the glass transition temperatures Tg are calculated using the Fox equation in accordance with the method of the description. (a) polymerizing in a reaction zone in a first polymerization stage a first monomer composition comprising at least 88 weight percent of at least one vinyl ester of a C 1 to C 18 carboxylic acid and up to 12 weight percent ethylene to produce a first stage polymer having a glass transition temperature Tg of greater than 20°C; and (b) polymerizing in the reaction zone, in a second polymerization stage and in the presence of the first stage polymer, a second, different monomer composition comprising at least one vinyl ester of a C 1 to C 18 carboxylic acid and at least one C 2 to C 8 alkyl ester of acrylic or methacrylic acid in an amount up to 30 weight percent of the total monomers in the second monomer composition to produce a second stage polymer having a glass transition temperature Tg of less than or equal to 20°C, wherein the first monomer composition is substantially free of C 2 to C 8 alkyl esters of acrylic or methacrylic acid; wherein the second monomer composition is metered into the reaction zone during at least part of the second polymerization stage; wherein each of the polymerization stages (a) and (b) is conducted in the presence of a stabilizing system which comprises at least 0.1 weight percent of at least one protective colloid, at least 0.05 weight percent of at least one ionic surfactant and less than 2 weight percent of nonionic surfactant, all percentages in the stabilizing system being based on the total weight of monomers in the first and second monomer compositions; and wherein the glass transition temperatures Tg are calculated using the Fox equation in accordance with the method of the description. <EOS>