The relationship between financial globalization and financial internazionalization. A case study of basque firms

The amount of firms that chose going to external financial markets, in order to obtain better credit facilities or to make more attractive investments that the ones available inside the national frontiers, is getting higher. The decision to internationalize firm’s financial area can be the result of an specific strategy that looks for the better use of the opportunities offered by the financial globalization process (which is having a vertiginous development lately). This process, on the one hand, is entailed to some factors that bring about a more efficient allowance of the financial resources, being this a driving force for the internationalization of the firm’s financial area. But, on the other hand, working in an international context can lead to some costs that reduce the financial efficiency. The purpose of this paper is to make a balance of this duality in Basque Country firms.