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Financial Globalization in Emerging Countries : Diversification vs. OffshoringFinancial 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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Financial Development in Asia : Beyond Aggregate IndicatorsThis paper documents the major trends in
 financial development in Asia since the early 1990s and the
 spillovers to firms. It compares Asia with advanced and
 emerging countries and uses both aggregate and disaggregate
 indicators. Financial systems in Asia remain less developed
 than in advanced countries but more developed than in
 Eastern Europe and Latin America. Bond and stock markets
 play a larger role and institutional investors have gained
 importance. Nonetheless, capital-raising activity has not
 expanded. A few large companies capture most of the
 issuances. Many secondary markets remain illiquid. The
 public sector captures a significant share of bond markets.
 The largest advancements in Asia occurred in China and
 India. But still in these countries, few large companies use
 capital markets to expand and grow, becoming much larger
 than nonuser firms. In sum, Asia's financial systems
 remain less developed than aggregate measures suggest, with
 few spillovers to many firms.
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Rwanda Economic Update, June 2015Growth recovery in 2014 is certainly
 good news. This time last year, we estimated the 2014 growth
 rate at 5.7 percent. Against all odds, the economy grew by 7
 percent. However,growth outlook is not entirely bright.
 While the oil price decline has brought a positive impact
 oninflation and trade, recent economic indicators show some
 weaknesses. Also, global risks (e.g.,an increase in US
 interest rate, slowdown of Chinese and Euro economies, and
 an appreciationof the US dollar) are emerging. In the medium
 to long-term, Rwanda’s economic resiliencewill not be
 achieved without keeping high investment rates. However, the
 current investmentmodel (high public investment funded by
 aid) is not likely to be sustainable; given
 capacityconstraints to maintain high public investment and
 possible decline in aid relative to GDP inthe medium-term.
 Finding alternative sources of development financing is a
 key determinantof future growth. Development of the
 financial sector is critical to mobilize both domestic
 andforeign saving for financing development. This is the
 message of the Eighth Edition of theRwanda Economic Update (REU).