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Business and Economics > Banks and Banking

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Cover IMF Staff Country Reports
Kingdom of the Netherlands-Curaçao and Sint Maarten: Technical Assistance Report-Implementation of Risk-Based Supervision
International Monetary Fund. Monetary and Capital Markets Department
The CBvCSM is the sole supervisory authority for all regulated financial institutions operating locally and in the offshore (or international) sector, as well as the stock exchange in Curacao and St Maarten. The financial sector comprises different types of institutions, which include banks and non-bank institutions, insurance companies (both Life, and Non-life), securities intermediaries, asset management firms, investments institutions, fund administrators, management of pension funds, reinsurers, and trust companies.
Keywords:
supervision department; expert supervision; risk profile; supervision Department; account supervision; Corporate governance; Risk-based supervision; Liquidity; Wages; Pension spending; Caribbean
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Curaçao and Sint Maarten: 2016 Article IV Consultation Discussions-Press Release; Staff Report; and Informational Annex
International Monetary Fund. Western Hemisphere Dept.
This 2016 Article IV Consultation highlights that the fiscal situation in Curaçao and Sint Maarten remains relatively stable, following the debt relief in 2010, but progress on necessary fiscal and structural reforms has been slow. Curaçao experienced modest growth in 2015 of 0.1 percent, reflecting a turnaround from the contraction of 1.1 percent in 2014. The economy of Sint Maarten expanded by 0.5 percent in 2015, a slowdown compared with the 1.5 percent recorded in 2014. Real GDP growth in 2016 is expected to reach 0.5 percent in Curaçao and 0.7 percent in Sint Maarten. Over the medium term, growth is expected to pick up moderately to 0.9 percent and 1.3 percent for Curaçao and Sint Maarten, respectively.
Keywords:
ISCR; CR; growth prospects; article IV consultation discussion; CPI data; labor market; IMF staff estimate; liability positions vis-à-vis nonresident; exchange regime; Fiscal stance; Caribbean
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Curaçao and Sint Maarten: 2014 Article IV Consultation-Staff Report; and Press Release
International Monetary Fund. European Dept.
KEY ISSUES Context: The union’s current account deficit—the key economic vulnerability flagged in the previous (2011) consultation—has declined over the past few years, including thanks to fiscal adjustment in Curaçao. But it remains large. Curaçao’s growth and job creation remain lackluster, due to weak competitiveness, adverse sectoral trends (e.g., in the international financial center), red tape, and rigid labor laws. Sint Maarten’s tourism-based economy is recovering but remains vulnerable to shocks and suffers from weak administrative capacity—as underscored, for example, by weakening tax collection. Risks: Both Curaçao and, especially, Sint Maarten are exposed to shifts in tourism demand. Curaçao is vulnerable to the uncertain situation in Venezuela, its main trading partner. If long-discussed flexibility- and competitiveness-enhancing structural reforms are not implemented, both countries’ capacity to absorb shocks may prove limited, and pressures on FX reserves and, ultimately, the peg may intensify. Policy recommendations: Fiscal policies should entrench recent gains to facilitate continued external adjustment (especially in Curaçao) and build buffers against shocks. Curaçao should extend the reform of its pension system to public sector workers, further streamline its administrative apparatus, and address weak governance and finances in state companies. Sint Maarten needs to increase revenues to support an expanding administration, including through stronger tax collection and greater contribution from its profitable state companies. The common central bank must monitor closely the deterioration in banks’ loan portfolios and refrain from direct financing of non-financial companies. It should also use more standard sterilization tools to control banks’ excess liquidity. Urgent action is required to lower the cost of doing business and remove pervasive disincentives to both supply and demand of labor.
Keywords:
ISCR; CR; center; aggregate consumer price index; debt ratio; real GDP; island government; liability positions vis-à-vis nonresident; finance minister; Minister of tourism; Fiscal stance; Public debt sustainability analysis; Global; Caribbean; Europe
Cover IMF Staff Country Reports
Kingdom of the Netherlands: Curaçao and Saint Maarten: 2011 Article IV Consultation: Staff Report; Informational Annex; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The two newly autonomous countries within the Kingdom of the Netherlands face substantial challenges. Growth has been low, and unemployment high. The current account deficit has widened to worrisome levels, increasing the vulnerability of the peg to the U.S. dollar and stimulating calls for dollarizing or dissolving the currency union. A substantial adjustment is needed to bring the underlying current account deficit to historically sustainable levels over the medium term. This could be facilitated by measures to restrain credit growth, supported by fiscal consolidation.
Keywords:
ISCR; CR; consumer price index; deficit; expenditure; total consumer price index; liability positions vis-à-vis nonresident; Netherlands Antillies debt; exchange rate; deficit outcome; central bank; Current account deficits; Debt relief; Exports; Caribbean; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands: Aruba: Detailed Assessment of Compliance with the Basel Core Principles for Effective Banking Supervision
International Monetary Fund
This paper discusses detailed assessment of compliance with the Basel Core Principles for effective banking supervision for the Kingdom of the Netherlands—Aruba. Aruba’s offshore banking sector is small by international standards, with only two institutions registered. The mission also recommends that the Central Bank of Aruba (CBA) meet with management to better understand their plans for their Aruban operations and their financial results. Aruba remains open to foreign investment and migrant workers, who make up 40 percent of the population and have been key contributors to economic growth.
Keywords:
ISCR; CR; risk management; credit institution; CBA authority; CBA examiner; CBA's assertion; supervision department; credit risk; country risk; Credit; Market risk; Credit risk; External audit; Loans; Caribbean
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Netherlands Antilles: Staff Report for the 2003 Article IV Consultation Discussions
International Monetary Fund
This 2003 Article IV Consultation highlights that after a prolonged recession through the second half of the 1990s, the Netherlands Antilles economy has recently shown some important resilience. With the exchange rate pegged to the U.S. dollar, the Netherlands Antilles has enjoyed low inflation. With waning cost-push pressures related to higher energy costs and indirect tax increases, inflation has moderated to 0.5 percent in 2002. For 2003, inflation is projected to reach 2 percent in line with developments projected for the United States.
Keywords:
ISCR; CR; Antillean economy well; government; economy; Antillean; trade reform program; fiscal policy; IMF's assessment; IMF to the public; private sector; Fiscal consolidation; Caribbean
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Netherlands Antilles: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix explores four policy issues—fiscal policy, public sector pension reforms, monetary management, and labor market performance—which are crucial for understanding the recent performance of the economy of the Netherlands Antilles and which will need to be addressed to restore the prospect of durable economic growth. The paper reviews experience with fiscal adjustment in the Netherlands Antilles, focusing in particular on the 1996–97 adjustment program. The paper also analyzes the sustainability of the public pension system of the country.
Keywords:
ISCR; CR; Antillean economy well; economy; government; labor market performance; premium; Antillean labor market; economy of the Netherlands Antilles; economy's flexibility; credit growth; Pension spending; Pensions; Labor markets; Caribbean
Cover Hedge Funds and Financial Market Dynamics
Hedge Funds and Financial Market Dynamics
Mrs. Anne C Jansen
,
Mr. Donald J Mathieson
,
Mr. Barry J. Eichengreen
,
Ms. Laura E. Kodres
,
Mr. Bankim Chadha
, and
Mr. Sunil Sharma

Abstract

Hedge funds are collective investment vehicles, often organized as private partnerships and resident offshore for tax and regulatory purposes. Their legal status places few restrictions on their portfolios and transactions, leaving their managers free to use short sales, derivative securities, and leverage to raise returns and cushion risk. This paper considers the role of hedge funds in financial market dynamics, with particular reference to the Asian crisis.

Keywords:
OP; hedge fund manager; hedge fund operation; investment vehicle; market; market transparency; market integrity; role of hedge funds; Hedge funds; Mutual funds; Securities; Stocks; Arbitrage; Global; Eastern Europe; Caribbean; East Asia; Southeast Asia
Cover IMF Staff Country Reports
Netherlands Antilles: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in the Netherlands Antilles during 1990–96. The economic situation started deteriorating significantly since the early 1990s. Economic growth slackened, mainly reflecting weak investment and a sharp drop in tourist arrivals in 1995–96 owing to hurricane damage. The underlying external position deteriorated progressively, and reserves fell to an uncomfortably low level. The major factors behind the deterioration were occasional slippages in monetary policy and persistently large fiscal deficits that had their roots in a rapid growth of personnel costs.
Keywords:
ISCR; CR; Island government; central bank; current account; balance of payments; private sector; tax collection; foreign exchange; tax revenue; development aid; sales tax; monetary policy; central government; Civil service; Pension spending; Pensions; Caribbean