Publication:
Financial Globalization in Emerging Economies : Much Ado about Nothing?

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dc.contributor.authorYeyati, Eduardo Levy
dc.contributor.authorWilliams, Tomas
dc.date.accessioned2012-03-19T18:01:37Z
dc.date.available2012-03-19T18:01:37Z
dc.date.issued2011-04-01
dc.description.abstractFinancial globalization, defined as global linkages through cross-border financial flows, has become increasingly relevant for emerging markets as they integrate financially with the rest of the world. This paper argues that, because of the way it is often measured, it has also led to the misperception that financial globalization in emerging markets has been growing in recent years. The authors characterize the evolution of financial globalization in emerging markets using alternative measures, and find that, in the 2000s, financial globalization has grown only marginally and international portfolio diversification has been limited and declining over time. The paper revisits the empirical literature on the implications of financial globalization for local market deepening, international risk diversification, financial contagion, and financial dollarization, and finds them to be rather limited. Whereas financial globalization has indeed fostered domestic market deepening in good times, it has yielded neither the dividends of consumption smoothing (in line with limited portfolio diversification) nor the costs of amplifying global financial shocks. In turn, financial de-dollarization has largely reflected the undoing of financial offshoring and the valuation effects of real appreciation.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110405092056
dc.identifier.doi10.1596/1813-9450-5624
dc.identifier.urihttps://hdl.handle.net/10986/3390
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5624
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVANCED COUNTRIES
dc.subjectADVANCED ECONOMIES
dc.subjectARBITRAGE
dc.subjectASSET HOLDINGS
dc.subjectASSET POSITIONS
dc.subjectASSET PRICE
dc.subjectASSET PRICES
dc.subjectASSET TYPE
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE SHEETS
dc.subjectBANK DEPOSITS
dc.subjectBANKING SECTOR
dc.subjectBENCHMARKS
dc.subjectBOND
dc.subjectBOND FUNDS
dc.subjectBUSINESS CYCLE
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCOUNT LIBERALIZATION
dc.subjectCAPITAL CONTROLS
dc.subjectCAPITAL FLIGHT
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL MOBILITY
dc.subjectCAPITAL OUTFLOWS
dc.subjectCAPITAL REPATRIATION
dc.subjectCAPITAL STOCK
dc.subjectCDS
dc.subjectCENTRAL BANK
dc.subjectCONSUMPTION SMOOTHING
dc.subjectCORPORATE DEBT
dc.subjectCREDIT RISKS
dc.subjectCREDIT SPREADS
dc.subjectCRISIS COUNTRY
dc.subjectCROSS-BORDER FLOWS
dc.subjectCROSS-BORDER INVESTMENTS
dc.subjectCURRENCY
dc.subjectCURRENCY MISMATCHES
dc.subjectCURRENCY RISK
dc.subjectDEBT
dc.subjectDEBT FLOWS
dc.subjectDEBT HOLDINGS
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT RATIOS
dc.subjectDEBT SECURITIES
dc.subjectDEBTS
dc.subjectDEGREE OF RISK
dc.subjectDEPOSIT
dc.subjectDERIVATIVES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPING ECONOMIES
dc.subjectDEVELOPING MARKETS
dc.subjectDEVELOPMENT BANK
dc.subjectDIVERSIFICATION BENEFITS
dc.subjectDIVERSIFIED PORTFOLIO
dc.subjectDIVIDENDS
dc.subjectDOMESTIC ECONOMY
dc.subjectDOMESTIC EQUITY
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC MARKETS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC POLICIES
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEQUITIES
dc.subjectEQUITY FLOWS
dc.subjectEQUITY HOLDINGS
dc.subjectEQUITY INDEXES
dc.subjectEQUITY INSTRUMENTS
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKET CAPITALIZATION
dc.subjectEQUITY MARKETS
dc.subjectEQUITY PORTFOLIO
dc.subjectEQUITY PORTFOLIOS
dc.subjectEQUITY PRICE
dc.subjectEQUITY PRICES
dc.subjectEQUITY RETURNS
dc.subjectEQUITY VALUATION
dc.subjectEXCHANGE RATES
dc.subjectEXPOSURE
dc.subjectEXTERNAL DEBT
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CONTAGION
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL FRAGILITY
dc.subjectFINANCIAL INNOVATION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL OPENNESS
dc.subjectFINANCIAL PORTFOLIOS
dc.subjectFINANCIAL RISK
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SHOCKS
dc.subjectFINANCIAL STABILITY
dc.subjectFIXED INCOME
dc.subjectFIXED INCOME MARKETS
dc.subjectFIXED INCOME SECURITIES
dc.subjectFLOWS OF CAPITAL
dc.subjectFOREIGN ASSET
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN EQUITY
dc.subjectFOREIGN HOLDINGS
dc.subjectFOREIGN INFLOWS
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN LENDERS
dc.subjectFOREIGN PORTFOLIO
dc.subjectFOREIGN SHARE
dc.subjectGLOBAL DIVERSIFICATION
dc.subjectGLOBAL EQUITY
dc.subjectGLOBAL FUND
dc.subjectGLOBAL FUNDS
dc.subjectGLOBAL MARKET
dc.subjectGLOBAL MUTUAL FUNDS
dc.subjectGLOBAL PORTFOLIO
dc.subjectGLOBAL RISK
dc.subjectGLOBALIZATION
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHEDGE FUND
dc.subjectHEDGE FUNDS
dc.subjectHOLDING
dc.subjectHOST COUNTRY
dc.subjectINCOME FLOWS
dc.subjectINCOME SHOCKS
dc.subjectINDEBTED COUNTRIES
dc.subjectINFLATION
dc.subjectINSTRUMENT
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL DIVERSIFICATION
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL INVESTOR
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINTERNATIONAL PORTFOLIO
dc.subjectINTERNATIONAL SECURITIES
dc.subjectINVESTING
dc.subjectINVESTMENT VEHICLES
dc.subjectISSUANCE
dc.subjectLEVY
dc.subjectLIABILITY
dc.subjectLIQUID MARKETS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY CRUNCH
dc.subjectLIQUIDITY RISKS
dc.subjectLOCAL DEBT
dc.subjectLOCAL DEBT MARKETS
dc.subjectLOCAL EQUITY MARKETS
dc.subjectLOCAL MARKET
dc.subjectLOCAL MARKETS
dc.subjectLOCAL STOCK MARKET
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMACROECONOMIC VOLATILITY
dc.subjectMARKET CONDITIONS
dc.subjectMARKET DEEPENING
dc.subjectMARKET DEPTH
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET DEVELOPMENTS
dc.subjectMARKET DISCOUNTS
dc.subjectMARKET INVESTMENT
dc.subjectMARKET SIZE
dc.subjectMARKET VALUE
dc.subjectMARKET VALUES
dc.subjectMIDDLE-INCOME ECONOMIES
dc.subjectMONETARY FUND
dc.subjectMUTUAL FUNDS
dc.subjectNET DEBT
dc.subjectOPEN ECONOMY
dc.subjectOUTPUT
dc.subjectPHYSICAL ASSETS
dc.subjectPORTFOLIO COMPOSITION
dc.subjectPORTFOLIO DIVERSIFICATION
dc.subjectPORTFOLIO FLOWS
dc.subjectPORTFOLIO HOLDINGS
dc.subjectPORTFOLIO INVESTOR
dc.subjectPORTFOLIO RISK
dc.subjectPORTFOLIOS
dc.subjectPRICE CHANGES
dc.subjectPRICE VOLATILITY
dc.subjectPRIVATE CREDIT
dc.subjectPROFESSIONAL INVESTORS
dc.subjectREDEMPTIONS
dc.subjectRESERVE
dc.subjectRETURN
dc.subjectRETURN DIFFERENTIALS
dc.subjectRETURNS
dc.subjectRISK AVERSION
dc.subjectRISK DIVERSIFICATION
dc.subjectRISK POOLING
dc.subjectRISK SHARING
dc.subjectSAVINGS
dc.subjectSAVINGS CAPACITY
dc.subjectSECURITIES MARKETS
dc.subjectSECURITIES PORTFOLIO
dc.subjectSETTLEMENT
dc.subjectSINGLE MARKET
dc.subjectSOLVENCY
dc.subjectSOVEREIGN DEBT
dc.subjectSTOCK DATA
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET CAPITALIZATION
dc.subjectSTOCK MARKET DEVELOPMENT
dc.subjectSTOCKS
dc.subjectSWAPS
dc.subjectTAX
dc.subjectTERMS OF CREDIT
dc.subjectTOTAL DEBT
dc.subjectTRADE LIBERALIZATION
dc.subjectTRADES
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTURNOVER
dc.subjectVALUATION
dc.subjectVALUATION CHANGES
dc.subjectVOLATILITIES
dc.titleFinancial Globalization in Emerging Economies : Much Ado about Nothing?en
dspace.entity.typePublication
okr.crossref.titleFinancial globalization in emerging economies: Much ado about nothing?
okr.date.disclosure2011-04-01
okr.date.doiregistration2025-04-10T11:29:52.370555Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110405092056
okr.guid572791468338470695
okr.identifier.doi10.1596/1813-9450-5624
okr.identifier.externaldocumentum000158349_20110405092056
okr.identifier.internaldocumentum14010509
okr.identifier.reportWPS5624
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/04/05/000158349_20110405092056/Rendered/PDF/WPS5624.pdfen
okr.region.administrativeThe World Region
okr.region.administrativeThe World Region
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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