Financial Globalization in Emerging Countries : Diversification vs. Offshoring

Ceballos, Francisco ; Didier, Tatiana ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: ACCESS TO CAPITAL;    ADVERSE EFFECTS;    AGENCY PROBLEMS;    ASSET HOLDINGS;    ASSET POSITIONS;   

DOI  :  10.1596/1813-9450-6105
RP-ID  :  WPS6105

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Financial globalization has gatheredattention since the early 1990s because of itsmacro-financial implications and growing importance. Butfinancial globalization has taken shape via different formsover time. This paper examines two important, concurrentdimensions of financial globalization: diversification andoffshoring. The diversification dimension refers to theincrease in foreign assets and liabilities incountries' portfolios. Offshoring is related to thereallocation of financial activities to internationalmarkets. The former focuses on who holds the assets, thelatter on where transactions take place. The authors findthat globalization via the diversification channel expandedthroughout the world during the 2000s, as domestic residentsinvested more abroad and foreigners increased theirinvestments at home, generating more cross-border holdings.However, financial globalization via offshoring displaysmore mixed patterns, with variations across markets andcountries. The paper also shows that the nature of financingthrough both diversification and offshoring has improved foremerging countries.