Financial Globalization in Emerging Countries : Diversification vs. Offshoring
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, c...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2012/06/16422449/financial-globalization-emerging-countries-diversification-vs-offshoring http://hdl.handle.net/10986/9325 |
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okr-10986-9325 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
ACCESS TO CAPITAL ADVERSE EFFECTS AGENCY PROBLEMS ASSET HOLDINGS ASSET POSITIONS ASSET PRICES ASSET PRICING ASSET QUALITY BALANCE OF PAYMENTS BANK CLAIMS BOND BOND FINANCING BOND ISSUANCE BOND ISSUES BOND MARKETS BOND MATURITIES CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL FLOW CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL OUTFLOWS CAPITAL-RAISING ACTIVITY CENTRAL BANK CORPORATE BOND CORPORATE BOND MARKETS CORPORATE BONDS CORPORATE GOVERNANCE COST OF CAPITAL CREDIT RISK CREDITOR CREDITORS CROSS-BORDER CAPITAL CURRENCY CRISES CURRENCY MISMATCHES DEBT DEBT CONTRACTS DEBT INVESTMENTS DEBTOR DEBTORS DEPOSITARY RECEIPTS DEPOSITORY DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DISCLOSURE STANDARDS DIVERSIFICATION DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CURRENCIES DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT MARKETS DOMESTIC ECONOMIES DOMESTIC EQUITY DOMESTIC FINANCIAL MARKETS DOMESTIC INVESTORS DOMESTIC LIQUIDITY DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK ECONOMIC DEVELOPMENT ECONOMIC POLICIES EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET PORTFOLIOS EMERGING MARKETS EQUITIES EQUITY CAPITAL EQUITY CONTRACTS EQUITY FINANCING EQUITY HOLDINGS EQUITY INVESTMENTS EQUITY ISSUANCE EQUITY ISSUES EQUITY MARKETS EQUITY PRICES EQUITY TRADING EXCHANGE RATE EXPOSURE EXPROPRIATION EXTERNAL ASSET EXTERNAL ASSETS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SHOCKS FINANCIAL STRESS FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FLOATING RATES FOREIGN ASSETS FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN EXCHANGE FOREIGN FINANCING FOREIGN HOLDINGS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN MARKET FOREIGN MARKETS FOREIGN PORTFOLIO FOREIGN STOCK FOREIGN STOCKS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL SYSTEM GLOBALIZATION GOVERNANCE PRACTICES GOVERNMENT BONDS HEDGE FUNDS HOLDINGS INSURANCE INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEBT INTERNATIONAL DEBT SECURITIES INTERNATIONAL ECONOMICS INTERNATIONAL EQUITY INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENTS INTERNATIONAL TRANSACTIONS INVESTING INVESTMENT OPPORTUNITIES ISSUANCE ISSUANCE OF BONDS JURISDICTIONS LEVY LIABILITY LIABILITY SIDE LIQUIDITY LOCAL CAPITAL MARKETS LOCAL CURRENCIES LOCAL CURRENCY LOCAL MARKETS MARKET CAPITALIZATION MARKET CONCENTRATION MARKET FOR BOND MARKET LIQUIDITY MARKET SEGMENTATION MATURITY MATURITY MISMATCHES MONETARY FUND MUTUAL FUND MUTUAL FUND STRATEGIES MUTUAL FUNDS NET CAPITAL NET DEBT OFFSHORE MARKETS OUTSTANDING AMOUNTS POLITICAL ECONOMY PORTFOLIO PORTFOLIOS PRIVATE BOND PRIVATE BONDS PRIVATE SECTOR BOND PUBLIC DEBT PUBLIC DEBT MARKETS PUBLIC SECTOR BOND PUBLIC SECTOR BONDS REGULATORY ENVIRONMENTS REGULATORY REQUIREMENTS REPUTATION RESERVES RETURN RETURNS SECURITIES SHAREHOLDER SHORT-TERM DEBT SHORT-TERM FOREIGN LIABILITIES STOCK EXCHANGE STOCK EXCHANGES STOCK ISSUANCE STOCK MARKET STOCK MARKET DEVELOPMENT STOCK MARKETS STOCKS TRADING TRADING ACTIVITY TRADING VOLUME TRANSACTION TRANSPARENCY TRUST FUND VALUATION VALUATIONS VOLATILE CAPITAL VOLATILITY WORLD MARKETS |
| spellingShingle |
ACCESS TO CAPITAL ADVERSE EFFECTS AGENCY PROBLEMS ASSET HOLDINGS ASSET POSITIONS ASSET PRICES ASSET PRICING ASSET QUALITY BALANCE OF PAYMENTS BANK CLAIMS BOND BOND FINANCING BOND ISSUANCE BOND ISSUES BOND MARKETS BOND MATURITIES CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL FLOW CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL OUTFLOWS CAPITAL-RAISING ACTIVITY CENTRAL BANK CORPORATE BOND CORPORATE BOND MARKETS CORPORATE BONDS CORPORATE GOVERNANCE COST OF CAPITAL CREDIT RISK CREDITOR CREDITORS CROSS-BORDER CAPITAL CURRENCY CRISES CURRENCY MISMATCHES DEBT DEBT CONTRACTS DEBT INVESTMENTS DEBTOR DEBTORS DEPOSITARY RECEIPTS DEPOSITORY DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DISCLOSURE STANDARDS DIVERSIFICATION DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CURRENCIES DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT MARKETS DOMESTIC ECONOMIES DOMESTIC EQUITY DOMESTIC FINANCIAL MARKETS DOMESTIC INVESTORS DOMESTIC LIQUIDITY DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK ECONOMIC DEVELOPMENT ECONOMIC POLICIES EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET PORTFOLIOS EMERGING MARKETS EQUITIES EQUITY CAPITAL EQUITY CONTRACTS EQUITY FINANCING EQUITY HOLDINGS EQUITY INVESTMENTS EQUITY ISSUANCE EQUITY ISSUES EQUITY MARKETS EQUITY PRICES EQUITY TRADING EXCHANGE RATE EXPOSURE EXPROPRIATION EXTERNAL ASSET EXTERNAL ASSETS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SHOCKS FINANCIAL STRESS FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FLOATING RATES FOREIGN ASSETS FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN EXCHANGE FOREIGN FINANCING FOREIGN HOLDINGS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN MARKET FOREIGN MARKETS FOREIGN PORTFOLIO FOREIGN STOCK FOREIGN STOCKS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL SYSTEM GLOBALIZATION GOVERNANCE PRACTICES GOVERNMENT BONDS HEDGE FUNDS HOLDINGS INSURANCE INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEBT INTERNATIONAL DEBT SECURITIES INTERNATIONAL ECONOMICS INTERNATIONAL EQUITY INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENTS INTERNATIONAL TRANSACTIONS INVESTING INVESTMENT OPPORTUNITIES ISSUANCE ISSUANCE OF BONDS JURISDICTIONS LEVY LIABILITY LIABILITY SIDE LIQUIDITY LOCAL CAPITAL MARKETS LOCAL CURRENCIES LOCAL CURRENCY LOCAL MARKETS MARKET CAPITALIZATION MARKET CONCENTRATION MARKET FOR BOND MARKET LIQUIDITY MARKET SEGMENTATION MATURITY MATURITY MISMATCHES MONETARY FUND MUTUAL FUND MUTUAL FUND STRATEGIES MUTUAL FUNDS NET CAPITAL NET DEBT OFFSHORE MARKETS OUTSTANDING AMOUNTS POLITICAL ECONOMY PORTFOLIO PORTFOLIOS PRIVATE BOND PRIVATE BONDS PRIVATE SECTOR BOND PUBLIC DEBT PUBLIC DEBT MARKETS PUBLIC SECTOR BOND PUBLIC SECTOR BONDS REGULATORY ENVIRONMENTS REGULATORY REQUIREMENTS REPUTATION RESERVES RETURN RETURNS SECURITIES SHAREHOLDER SHORT-TERM DEBT SHORT-TERM FOREIGN LIABILITIES STOCK EXCHANGE STOCK EXCHANGES STOCK ISSUANCE STOCK MARKET STOCK MARKET DEVELOPMENT STOCK MARKETS STOCKS TRADING TRADING ACTIVITY TRADING VOLUME TRANSACTION TRANSPARENCY TRUST FUND VALUATION VALUATIONS VOLATILE CAPITAL VOLATILITY WORLD MARKETS Ceballos, Francisco Didier, Tatiana Schmukler, Sergio L. Financial Globalization in Emerging Countries : Diversification vs. Offshoring |
| relation |
Policy Research Working Paper; No. 6104 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Ceballos, Francisco Didier, Tatiana Schmukler, Sergio L. |
| author_facet |
Ceballos, Francisco Didier, Tatiana Schmukler, Sergio L. |
| author_sort |
Ceballos, Francisco |
| title |
Financial Globalization in Emerging Countries : Diversification vs. Offshoring |
| title_short |
Financial Globalization in Emerging Countries : Diversification vs. Offshoring |
| title_full |
Financial Globalization in Emerging Countries : Diversification vs. Offshoring |
| title_fullStr |
Financial Globalization in Emerging Countries : Diversification vs. Offshoring |
| title_full_unstemmed |
Financial Globalization in Emerging Countries : Diversification vs. Offshoring |
| title_sort |
financial globalization in emerging countries : diversification vs. offshoring |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2012/06/16422449/financial-globalization-emerging-countries-diversification-vs-offshoring http://hdl.handle.net/10986/9325 |
| _version_ |
1764409318941130752 |
| spelling |
okr-10986-93252021-04-23T14:02:45Z Financial Globalization in Emerging Countries : Diversification vs. Offshoring Ceballos, Francisco Didier, Tatiana Schmukler, Sergio L. ACCESS TO CAPITAL ADVERSE EFFECTS AGENCY PROBLEMS ASSET HOLDINGS ASSET POSITIONS ASSET PRICES ASSET PRICING ASSET QUALITY BALANCE OF PAYMENTS BANK CLAIMS BOND BOND FINANCING BOND ISSUANCE BOND ISSUES BOND MARKETS BOND MATURITIES CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL FLOW CAPITAL FLOWS CAPITAL GAINS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL OUTFLOWS CAPITAL-RAISING ACTIVITY CENTRAL BANK CORPORATE BOND CORPORATE BOND MARKETS CORPORATE BONDS CORPORATE GOVERNANCE COST OF CAPITAL CREDIT RISK CREDITOR CREDITORS CROSS-BORDER CAPITAL CURRENCY CRISES CURRENCY MISMATCHES DEBT DEBT CONTRACTS DEBT INVESTMENTS DEBTOR DEBTORS DEPOSITARY RECEIPTS DEPOSITORY DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DISCLOSURE STANDARDS DIVERSIFICATION DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CURRENCIES DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT MARKETS DOMESTIC ECONOMIES DOMESTIC EQUITY DOMESTIC FINANCIAL MARKETS DOMESTIC INVESTORS DOMESTIC LIQUIDITY DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK ECONOMIC DEVELOPMENT ECONOMIC POLICIES EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET PORTFOLIOS EMERGING MARKETS EQUITIES EQUITY CAPITAL EQUITY CONTRACTS EQUITY FINANCING EQUITY HOLDINGS EQUITY INVESTMENTS EQUITY ISSUANCE EQUITY ISSUES EQUITY MARKETS EQUITY PRICES EQUITY TRADING EXCHANGE RATE EXPOSURE EXPROPRIATION EXTERNAL ASSET EXTERNAL ASSETS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SHOCKS FINANCIAL STRESS FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FLOATING RATES FOREIGN ASSETS FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN EXCHANGE FOREIGN FINANCING FOREIGN HOLDINGS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN MARKET FOREIGN MARKETS FOREIGN PORTFOLIO FOREIGN STOCK FOREIGN STOCKS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL SYSTEM GLOBALIZATION GOVERNANCE PRACTICES GOVERNMENT BONDS HEDGE FUNDS HOLDINGS INSURANCE INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEBT INTERNATIONAL DEBT SECURITIES INTERNATIONAL ECONOMICS INTERNATIONAL EQUITY INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENTS INTERNATIONAL TRANSACTIONS INVESTING INVESTMENT OPPORTUNITIES ISSUANCE ISSUANCE OF BONDS JURISDICTIONS LEVY LIABILITY LIABILITY SIDE LIQUIDITY LOCAL CAPITAL MARKETS LOCAL CURRENCIES LOCAL CURRENCY LOCAL MARKETS MARKET CAPITALIZATION MARKET CONCENTRATION MARKET FOR BOND MARKET LIQUIDITY MARKET SEGMENTATION MATURITY MATURITY MISMATCHES MONETARY FUND MUTUAL FUND MUTUAL FUND STRATEGIES MUTUAL FUNDS NET CAPITAL NET DEBT OFFSHORE MARKETS OUTSTANDING AMOUNTS POLITICAL ECONOMY PORTFOLIO PORTFOLIOS PRIVATE BOND PRIVATE BONDS PRIVATE SECTOR BOND PUBLIC DEBT PUBLIC DEBT MARKETS PUBLIC SECTOR BOND PUBLIC SECTOR BONDS REGULATORY ENVIRONMENTS REGULATORY REQUIREMENTS REPUTATION RESERVES RETURN RETURNS SECURITIES SHAREHOLDER SHORT-TERM DEBT SHORT-TERM FOREIGN LIABILITIES STOCK EXCHANGE STOCK EXCHANGES STOCK ISSUANCE STOCK MARKET STOCK MARKET DEVELOPMENT STOCK MARKETS STOCKS TRADING TRADING ACTIVITY TRADING VOLUME TRANSACTION TRANSPARENCY TRUST FUND VALUATION VALUATIONS VOLATILE CAPITAL VOLATILITY WORLD MARKETS 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. 2012-06-29T19:18:12Z 2012-06-29T19:18:12Z 2012-06 http://documents.worldbank.org/curated/en/2012/06/16422449/financial-globalization-emerging-countries-diversification-vs-offshoring http://hdl.handle.net/10986/9325 English en_US Policy Research Working Paper; No. 6104 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |