Financial Globalization in Emerging Countries: Diversification vs. Offshoring

37 Pages Posted: 20 Oct 2012

See all articles by Francisco Ceballos

Francisco Ceballos

International Food Policy Research Institute (IFPRI)

Tatiana Didier

World Bank

Sergio L. Schmukler

World Bank - Development Research Group (DECRG)

Multiple version iconThere are 2 versions of this paper

Date Written: October 19, 2012

Abstract

Financial globalization has gathered attention since the early 1990s because of its macro-financial and crisis implications and its perceived large expansion. But financial globalization has taken different forms over time. This paper examines two important concurrent dimensions of financial globalization relevant for emerging countries: diversification and offshoring. We find that globalization via the diversification channel has expanded throughout during the 2000s as domestic residents invested more abroad and foreigners increased their domestic investments. However, financial globalization via offshoring has displayed more mixed patterns, with variations across markets and countries.

Keywords: financial globalization, emerging economies, diversification, offshoring

JEL Classification: F36, G15, G20

Suggested Citation

Ceballos, Francisco and Didier, Tatiana and Schmukler, Sergio, Financial Globalization in Emerging Countries: Diversification vs. Offshoring (October 19, 2012). ADBI Working Paper 389. Available at SSRN: https://ssrn.com/abstract=2164064 or http://dx.doi.org/10.2139/ssrn.2164064

Francisco Ceballos (Contact Author)

International Food Policy Research Institute (IFPRI) ( email )

1201 Eye St, NW,
Washington, DC 20005
United States

Tatiana Didier

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States
(202)458-1525 (Phone)

Sergio Schmukler

World Bank - Development Research Group (DECRG) ( email )

1818 H. Street, N.W.
MSN MC 3-301
Washington, DC 20433
United States
202-458-4167 (Phone)
202-522-3518 (Fax)

HOME PAGE: http://www.worldbank.org/en/about/people/s/sergio-schmukler

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