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Concept of offshore Financial Centers

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  • Ahmed Zoromé
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    Abstract

    This paper proposes a new definition of Offshore Financial Centers (OFCs) and develops a statistical method to differentiate between OFCs and non-OFCs using data from the Coordinated Portfolio Investment Survey (CPIS), the International Investment Position (IIP), and the balance of payments. The suggested methodology identifies more than 80 percent of the OFCs in the study sample that also appear in the a priori list used by the IMF to conduct its OFC assessment program. The methodology distinguishes OFCs based strictly on their macroeconomic features and avoids subjective presumptions on their activities or regulatory frameworks. The study also identifies three new countries meeting OFC criteria.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/87.

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    Length: 32
    Date of creation: 01 Apr 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/87

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    Related research

    Keywords: Offshore financial centers; Financial stability; financial services; statistics; portfolio investment; equation; survey; standard deviation; financial statistics; financial derivatives; financial system; financial sector; international financial statistics; statistic; standard deviations; statistical significance; financial intermediation; financial markets; outliers; international financial system; correlation; financial assets; equations; financial institutions; interest rate ceilings; money market; international financial markets; statistical method; stock valuations; independent variable; outlier; independent variables; hedging; empirical framework; international banks; derivatives trading; statistical data; international currencies; international capital; instrumental variables; domestic capital; computation; money market rates; hedge funds; international standards; financial economics; statisticians; bond; financial policies; surveys; hedging instruments; hedge; domestic financial markets; financial systems; international money market; reserve requirements;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Philip R. Lane & Gian Maria Milesi-Ferretti, 2008. "International Investment Patterns," The Review of Economics and Statistics, MIT Press, vol. 90(3), pages 538-549, August.
    2. Luca Errico & Alberto Musalem Borrero, 1999. "Offshore Banking," IMF Working Papers 99/5, International Monetary Fund.
    3. Marcel Cassard, 1994. "The Role of offshore Centers in International Financial Intermediation," IMF Working Papers 94/107, International Monetary Fund.
    4. Esther C. Suss & Oral Williams & Chandima Mendis, 2002. "Caribbean offshore Financial Centers," IMF Working Papers 02/88, International Monetary Fund.
    5. Ballance, Robert H & Forstner, Helmut & Murray, Tracy, 1987. "Consistency Tests of Alternative Measures of Comparative Advantage," The Review of Economics and Statistics, MIT Press, vol. 69(1), pages 157-61, February.
    6. Carol C. Bertaut & Linda S. Kole, 2004. "What makes investors over or underweight? explaining international appetites for foreign equities," International Finance Discussion Papers 819, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:
    1. Nicola Cetorelli & Linda S. Goldberg, 2011. "Liquidity Management of U.S. Global Banks: Internal Capital Markets in the Great Recession," NBER Chapters, in: Global Financial Crisis National Bureau of Economic Research, Inc.
    2. Alexandra Peter, 2012. "Bilateral Trade, Openness, and Asset Holdings," Open Economies Review, Springer, vol. 23(4), pages 713-740, September.
    3. Butkiewicz, James L. & Gordon, Leo-Rey C., 2013. "The Economic Growth Effect of Offshore Banking in Host Territories: Evidence from the Caribbean," World Development, Elsevier, vol. 44(C), pages 165-179.

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