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Concept of offshore Financial Centers; In Search of An Operational Definition

  • Ahmed Zoromé
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    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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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=20583
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    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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    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. 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.
    3. Esther C. Suss & Oral Williams & Chandima Mendis, 2002. "Caribbean offshore Financial Centers; Past, Present, and Possibilities for the Future," IMF Working Papers 02/88, International Monetary Fund.
    4. 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.).
    5. Luca Errico & Alberto Musalem Borrero, 1999. "Offshore Banking; An Analysis of Micro- and Macro-Prudential Issues," IMF Working Papers 99/5, International Monetary Fund.
    6. Marcel Cassard, 1994. "The Role of offshore Centers in International Financial Intermediation," IMF Working Papers 94/107, International Monetary Fund.
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