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Financial Globalization in Emerging Countries: Diversification vs. Offshoring

Francisco Ceballos (), Tatiana Didier () and Sergio Schmukler ()

No 389, ADBI Working Papers from Asian Development Bank Institute

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 (search for similar items in EconPapers)
JEL-codes: F36 G15 G20 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ifn and nep-sea
Date: 2012-10-19
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Working Paper: Financial Globalization in Emerging Countries: Diversification vs. Offshoring (2012) Downloads
Working Paper: Financial Globalization in Emerging Countries: Diversification vs. Offshoring (2012) Downloads
Working Paper: Financial Globalization in Emerging Countries: Diversification vs. Offshoring (2012) Downloads
Working Paper: Financial globalization in emerging countries: diversification vs. offshoring (2012) Downloads
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