Name: Financial Globalization Indices
Creator: World Bank Group

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This dataset reports the Financial Globalization Indices presented in Cordella, T. and A. Ospino Rojas (2017), “Financial Globalization and Market Volatility: An Empirical Appraisal," World Bank Policy Research Working Paper 809.  Please refer to such a working paper when using the dataset and for detailed information on how the indices have been computed.


Description of variables:

wb_code:	            World Bank Country Code.
countryName:          World Bank Country name.
year:                           year (1992-2016)
FGI_1:	                    (Adjusted) Financial Globalization Index (FGI)
UFGI_1:	                    Unadjusted Financial Globalization Index 



Dataset

This paper computes a new financial globalization index for a large sample of countries for 1992–2016. Unlike other measures, the financial globalization index corrects for the heteroscedasticity of global volatility. This leads to a downward adjustment of financial globalization trends for developed, emerging, and frontier
markets. The paper also shows that financial globalization reduces market volatility (measured by the volatility of stock returns) in tranquil times, and increases it in turbulent ones. On average, the first effect dominates, so that financial globalization leads to a decrease in market volatility, which is more pronounced in frontier markets.

Working paper

World

This database provides the Financial Globalization Indices discussed in Cordella, T. and A. Ospino Rojas (2017), “Financial Globalization and Market Volatility: An Empirical Appraisal,” <a href="http://documents.worldbank.org/curated/en/720931496861776485/Financial-globalization-and-market-volatility-an-empirical-appraisal">Wolrd Bank Working Paper 8091</a> , where the reader could find detailed explanations on how such indices have been constructed.
Description of variables:
wb_code: World Bank Country Code. 
countryName: World Bank Country name. 
year: year (1992-2016) 
FGI_1: Financial Globalization Index 
UFGI_1: Unadjusted (Raw) Globalization Index

Financial Globalization Indices

Metadata