sustitución (in this context)

English translation: shift in ownership?

08:32 Apr 23, 2018
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / monetary aggregates
Spanish term or phrase: sustitución (in this context)
From a paper on monetary aggregates and how financial instruments are classified...

(Cabe señalar que, si bien el MEMF no considera como dinero a los instrumentos en poder de extranjeros, en el caso de México se han incluido debido a que las compañías extranjeras que operan en México típicamente utilizan instrumentos financieros en pesos.) - my brackets, included here for context

Además, existe ***una importante sustitución*** entre los sectores residente y no residente en la tenencia de valores emitidos por el gobierno federal.
El nuevo criterio metodológico para la redefinición de los AM implicó que algunos instrumentos financieros que anteriormente se consideraban fueran excluidos, entre otras razones, por su reducido grado de liquidez.

I can only understand this in one of two ways:

"una importante *diferencia* entre los sectores residente y no residente"

or

"una importante sustitución de los sectores residente *por* los no residente"

Is there another posible reading?
William Pairman
Spain
Local time: 21:02
English translation:shift in ownership?
Explanation:
The way I understand this sentence is that there is a shift in the ownership. While before it was the resident sector that owned them, now there is a shift towards the non-resident sector.
So I'd go for your second option (one substitutes the other) or indeed including the terms shift of ownership somehow.
Hopefully this helps!
Selected response from:

Emma Iglesias
Spain
Local time: 21:02
Grading comment
That's great, thanks so much!
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +2shift in ownership?
Emma Iglesias


  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
shift in ownership?


Explanation:
The way I understand this sentence is that there is a shift in the ownership. While before it was the resident sector that owned them, now there is a shift towards the non-resident sector.
So I'd go for your second option (one substitutes the other) or indeed including the terms shift of ownership somehow.
Hopefully this helps!

Emma Iglesias
Spain
Local time: 21:02
Native speaker of: Native in SpanishSpanish
PRO pts in category: 4
Grading comment
That's great, thanks so much!

Peer comments on this answer (and responses from the answerer)
agree  Patricia Fierro, M. Sc.
1 hr
  -> Thanks Patricia

agree  philgoddard
6 hrs
  -> Thanks Phil
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