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Concept of Offshore Financial Centers; In Search of an Operational Definition

Author

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  • Ahmed Zoromé

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.

Suggested Citation

  • Ahmed Zoromé, 2007. "Concept of Offshore Financial Centers; In Search of an Operational Definition," IMF Working Papers 07/87, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:07/87
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=20583
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    References listed on IDEAS

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    1. 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.
    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 157-161, February.
    3. 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.
    4. Marcel Cassard, 1994. "The Role of offshore Centers in International Financial Intermediation," IMF Working Papers 94/107, International Monetary Fund.
    5. 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.).
    6. Luca Errico & Alberto Musalem Borrero, 1999. "Offshore Banking; An Analysis of Micro- and Macro-Prudential Issues," IMF Working Papers 99/5, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Florian LEON, 2018. "Long-Term Finance and Entrepreneurship," CREA Discussion Paper Series 18-01, Center for Research in Economic Analysis, University of Luxembourg.
    2. Cetorelli, Nicola & Goldberg, Linda S., 2012. "Liquidity management of U.S. global banks: Internal capital markets in the great recession," Journal of International Economics, Elsevier, vol. 88(2), pages 299-311.
    3. Danilov Yuri, 2016. "The experience of financial markets reforms in the countries – competitors of Russia in the global capital market," Research Paper Series, Gaidar Institute for Economic Policy, issue 171P, pages 156-156.
    4. Mihai Bogdan Afrasinei, 2013. "The Problem Of Tax Havens And The Romanian Tax Authorities’ Reaction," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 5(2), pages 149-159.
    5. Daniel Haberly & Dariusz Wójcik, 2015. "Regional Blocks and Imperial Legacies: Mapping the Global Offshore FDI Network," Economic Geography, Clark University, vol. 91(3), pages 251-280, July.
    6. Javier Garcia-Bernardo & Jan Fichtner & Eelke M. Heemskerk & Frank W. Takes, 2017. "Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network," Papers 1703.03016, arXiv.org, revised May 2017.
    7. repec:eee:dyncon:v:87:y:2018:i:c:p:152-172 is not listed on IDEAS
    8. repec:eee:finana:v:54:y:2017:i:c:p:76-86 is not listed on IDEAS
    9. 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.
    10. repec:bla:glopol:v:7:y:2016:i:4:p:510-520 is not listed on IDEAS
    11. repec:bla:growch:v:47:y:2016:i:4:p:535-555 is not listed on IDEAS
    12. Alexandra Peter, 2012. "Bilateral Trade, Openness, and Asset Holdings," Open Economies Review, Springer, vol. 23(4), pages 713-740, September.

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