De facto financial globalisation is typically measured a proxy consisting of the ratio of cross-border assets and liabilities (averaged) over GDP. Based on data on cross-border holdings compiled by Lane and Milessi Ferreti (2007), this measure indicates that:

•Financial globalisation in emerging markets has been lagging that in more advanced markets;
•It has been driven by FDI (and, more recently, equities) at the expense of debt liabilities;
•In advanced economies, it is still largely dominated by debt securities