Financial Globalization in Emerging Countries : Diversification vs. Offshoring

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dc.contributor.author
Ceballos, Francisco
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dc.contributor.author
Didier, Tatiana
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dc.contributor.author
Schmukler, Sergio L.
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dc.date.accessioned
2012-06-29T19:18:12Z
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dc.date.available
2012-06-29T19:18:12Z
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dc.date.issued
2012-06
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dc.identifier.uri
http://hdl.handle.net/10986/9325
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dc.description.abstract
Financial globalization has gathered attention since the early 1990s because of its macro-financial implications and growing importance. But financial globalization has taken shape via different forms over time. This paper examines two important, concurrent dimensions of financial globalization: diversification and offshoring. The diversification dimension refers to the increase in foreign assets and liabilities in countries' portfolios. Offshoring is related to the reallocation of financial activities to international markets. The former focuses on who holds the assets, the latter on where transactions take place. The authors find that globalization via the diversification channel expanded throughout the world during the 2000s, as domestic residents invested more abroad and foreigners increased their investments at home, generating more cross-border holdings. However, financial globalization via offshoring displays more mixed patterns, with variations across markets and countries. The paper also shows that the nature of financing through both diversification and offshoring has improved for emerging countries.
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dc.language
English
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dc.language.iso
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dc.publisher
World Bank, Washington, DC
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dc.relation.ispartofseries
Policy Research Working Paper; No. 6104
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dc.rights
CC BY 3.0 Unported
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dc.rights.uri
http://creativecommons.org/licenses/by/3.0/us/
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dc.subject
ACCESS TO CAPITAL
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dc.subject
ADVERSE EFFECTS
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dc.subject
AGENCY PROBLEMS
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ASSET HOLDINGS
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ASSET POSITIONS
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ASSET PRICES
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ASSET PRICING
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ASSET QUALITY
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dc.subject
BALANCE OF PAYMENTS
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BANK CLAIMS
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BOND
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BOND FINANCING
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BOND ISSUANCE
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BOND ISSUES
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BOND MARKETS
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BOND MATURITIES
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CAPITAL ACCOUNT
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CAPITAL ACCOUNT LIBERALIZATION
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dc.subject
CAPITAL CONTROLS
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CAPITAL FLIGHT
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CAPITAL FLOW
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CAPITAL FLOWS
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CAPITAL GAINS
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CAPITAL INFLOWS
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CAPITAL MARKETS
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CAPITAL OUTFLOWS
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CAPITAL-RAISING ACTIVITY
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dc.subject
CENTRAL BANK
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CORPORATE BOND
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CORPORATE BOND MARKETS
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CORPORATE BONDS
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CORPORATE GOVERNANCE
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dc.subject
COST OF CAPITAL
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CREDIT RISK
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CREDITOR
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CREDITORS
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CROSS-BORDER CAPITAL
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CURRENCY CRISES
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CURRENCY MISMATCHES
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dc.subject
DEBT
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dc.subject
DEBT CONTRACTS
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DEBT INVESTMENTS
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DEBTOR
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DEBTORS
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DEPOSITARY RECEIPTS
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DEPOSITORY
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dc.subject
DEVALUATION
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DEVALUATIONS
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DEVELOPING COUNTRIES
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dc.subject
DISCLOSURE STANDARDS
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dc.subject
DIVERSIFICATION
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dc.subject
DOMESTIC CAPITAL
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DOMESTIC CAPITAL MARKETS
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DOMESTIC CURRENCIES
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DOMESTIC CURRENCY
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DOMESTIC DEBT
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DOMESTIC DEBT MARKETS
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DOMESTIC ECONOMIES
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DOMESTIC EQUITY
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DOMESTIC FINANCIAL MARKETS
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DOMESTIC INVESTORS
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DOMESTIC LIQUIDITY
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DOMESTIC MARKET
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DOMESTIC MARKETS
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DOMESTIC STOCK
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dc.subject
ECONOMIC DEVELOPMENT
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dc.subject
ECONOMIC POLICIES
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dc.subject
EMERGING ECONOMIES
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EMERGING MARKET
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EMERGING MARKET PORTFOLIOS
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EMERGING MARKETS
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EQUITIES
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EQUITY CAPITAL
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dc.subject
EQUITY CONTRACTS
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EQUITY FINANCING
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dc.subject
EQUITY HOLDINGS
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EQUITY INVESTMENTS
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dc.subject
EQUITY ISSUANCE
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dc.subject
EQUITY ISSUES
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EQUITY MARKETS
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EQUITY PRICES
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EQUITY TRADING
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EXCHANGE RATE
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EXPOSURE
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EXPROPRIATION
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EXTERNAL ASSET
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EXTERNAL ASSETS
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FINANCIAL ASSETS
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FINANCIAL CRISES
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FINANCIAL CRISIS
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FINANCIAL DEVELOPMENT
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FINANCIAL FLOWS
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FINANCIAL INSTITUTIONS
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FINANCIAL LIBERALIZATION
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FINANCIAL SECTOR
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FINANCIAL SERVICES
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FINANCIAL SHOCKS
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FINANCIAL STRESS
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FINANCIAL SUPPORT
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FINANCIAL SYSTEM
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FINANCIAL TRANSACTIONS
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FLOATING RATES
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FOREIGN ASSETS
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FOREIGN BANK
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FOREIGN BANKS
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FOREIGN CAPITAL
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FOREIGN CURRENCY
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FOREIGN CURRENCY DEBT
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FOREIGN DEBT
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FOREIGN DIRECT INVESTMENT
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FOREIGN DIRECT INVESTMENTS
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FOREIGN EQUITY
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FOREIGN EXCHANGE
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FOREIGN FINANCING
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FOREIGN HOLDINGS
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FOREIGN INVESTMENTS
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FOREIGN INVESTORS
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FOREIGN MARKET
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FOREIGN MARKETS
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FOREIGN PORTFOLIO
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FOREIGN STOCK
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FOREIGN STOCKS
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GLOBAL CAPITAL
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GLOBAL CAPITAL MARKETS
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GLOBAL FINANCIAL SYSTEM
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GLOBALIZATION
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GOVERNANCE PRACTICES
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GOVERNMENT BONDS
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HEDGE FUNDS
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HOLDINGS
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INSURANCE
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INTERNATIONAL BANK
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INTERNATIONAL BOND
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INTERNATIONAL BOND MARKETS
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INTERNATIONAL CAPITAL
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INTERNATIONAL CAPITAL MARKETS
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INTERNATIONAL DEBT
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INTERNATIONAL DEBT SECURITIES
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INTERNATIONAL ECONOMICS
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INTERNATIONAL EQUITY
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INTERNATIONAL FINANCE
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INTERNATIONAL FINANCIAL INTEGRATION
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INTERNATIONAL FINANCIAL MARKETS
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INTERNATIONAL INVESTORS
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INTERNATIONAL MARKETS
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INTERNATIONAL RESERVES
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INTERNATIONAL SETTLEMENTS
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INTERNATIONAL TRANSACTIONS
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INVESTING
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INVESTMENT OPPORTUNITIES
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ISSUANCE
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ISSUANCE OF BONDS
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JURISDICTIONS
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LEVY
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LIABILITY
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LIABILITY SIDE
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dc.subject
LIQUIDITY
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dc.subject
LOCAL CAPITAL MARKETS
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LOCAL CURRENCIES
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LOCAL CURRENCY
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LOCAL MARKETS
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MARKET CAPITALIZATION
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MARKET CONCENTRATION
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MARKET FOR BOND
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MARKET LIQUIDITY
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MARKET SEGMENTATION
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MATURITY
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MATURITY MISMATCHES
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MONETARY FUND
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MUTUAL FUND
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MUTUAL FUND STRATEGIES
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MUTUAL FUNDS
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NET CAPITAL
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NET DEBT
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OFFSHORE MARKETS
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OUTSTANDING AMOUNTS
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POLITICAL ECONOMY
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dc.subject
PORTFOLIO
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dc.subject
PORTFOLIOS
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dc.subject
PRIVATE BOND
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PRIVATE BONDS
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PRIVATE SECTOR BOND
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PUBLIC DEBT
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PUBLIC DEBT MARKETS
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PUBLIC SECTOR BOND
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dc.subject
PUBLIC SECTOR BONDS
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dc.subject
REGULATORY ENVIRONMENTS
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dc.subject
REGULATORY REQUIREMENTS
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dc.subject
REPUTATION
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dc.subject
RESERVES
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dc.subject
RETURN
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dc.subject
RETURNS
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dc.subject
SECURITIES
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dc.subject
SHAREHOLDER
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dc.subject
SHORT-TERM DEBT
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dc.subject
SHORT-TERM FOREIGN LIABILITIES
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dc.subject
STOCK EXCHANGE
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dc.subject
STOCK EXCHANGES
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dc.subject
STOCK ISSUANCE
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dc.subject
STOCK MARKET
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dc.subject
STOCK MARKET DEVELOPMENT
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STOCK MARKETS
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dc.subject
STOCKS
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TRADING
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TRADING ACTIVITY
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dc.subject
TRADING VOLUME
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TRANSACTION
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TRANSPARENCY
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TRUST FUND
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dc.subject
VALUATION
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dc.subject
VALUATIONS
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VOLATILE CAPITAL
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dc.subject
VOLATILITY
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dc.subject
WORLD MARKETS
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dc.title
Financial Globalization in Emerging Countries : Diversification vs. Offshoring
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okr.identifier.externaldocumentum
000158349_20120625101258
en_US
okr.identifier.internaldocumentum
16422449
en_US
okr.volume
1 of 1
en_US
okr.date.disclosure
2012-06-01
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okr.topic
Finance and Financial Sector Development :: Mutual Funds
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okr.topic
Finance and Financial Sector Development :: Debt Markets
en_US
okr.topic
Banks and Banking Reform
en_US
okr.topic
Private Sector Development :: Emerging Markets
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okr.topic
Economic Theory and Research
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okr.topic
Macroeconomics and Economic Growth
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okr.theme
Micro, Small and Medium Enterprise support
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okr.theme
Financial and private sector development
en_US
okr.sector
Finance :: General finance sector
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okr.identifier.report
WPS6105
en_US
okr.unit
Development Research Group (DECRG)
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okr.unit
DECRG: Macroeconomics & Growth (DECMG)
en_US
okr.doctype
Publications & Research :: Policy Research Working Paper
en_US
okr.doctype
Publications & Research
en_US
dc.rights.holder
World Bank
en_US
okr.googlescholar.linkpresent
yes

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