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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 27 items for :

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  • Cayman Islands x
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Cover Technical Assistance Reports
Saint Lucia: Technical Assistance Report-Report on External Sector Statistics Mission
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Central Statistics Office (CSO) of Saint Lucia as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The mission focused on addressing data compilation issues on trade in goods—especially on the import and re-export of fuel—and travel credits and assessed the revised 2022 balance of payments that was disseminated in December 2023.
Keywords:
Saint Lucia; balance of payments statistics; external sector statistics.; balance of payments estimate; St. Lucia imports; exit surveys methodology; validation procedure; balance of payments survey; CED data; Civil society organizations; External sector statistics; Imports; Customs unions; Exports; Caribbean
Cover IMF Working Papers
What Is Real and What Is Not in the Global FDI Network?
Jannick Damgaard
,
Thomas Elkjaer
, and
Niels Johannesen
Macro statistics on foreign direct investment (FDI) are blurred by offshore centers with enormous inward and outward investment positions. This paper uses several new data sources, both macro and micro, to estimate the global FDI network while disentangling real investment and phantom investment and allocating real investment to ultimate investor economies. We find that phantom investment into corporate shells with no substance and no real links to the local economy may account for almost 40 percent of global FDI. Ignoring phantom investment and allocating real investment to ultimate investors increases the explanatory power of standard gravity variables by around 25 percent.
Keywords:
WP; Total FDI; investor economy; FDI position; conversion factor; Global FDI Network; Special Purpose Entities; Phantom FDI; Real FDI; inward FDI; FDI statistics; FDI network; Foreign direct investment; Special purpose vehicle; Tax avoidance; Offshore financial centers; Business enterprises; Global
Cover IMF Working Papers
Evolution of the Global Financial Network and Contagion: A New Approach
Ms. Yevgeniya Korniyenko
,
Manasa Patnam
,
Rita Maria del Rio-Chanon
, and
Mason A. Porter
This paper studies the interconnectedness of the global financial system and its susceptibility to shocks. A novel multilayer network framework is applied to link debt and equity exposures across countries. Use of this approach—that examines simultaneously multiple channels of transmission and their important higher order effects—shows that ignoring the heterogeneity of financial exposures, and simply aggregating all claims, as often done in other studies, can underestimate the extent and effects of financial contagion.The structure of the global financial network has changed since the global financial crisis, impacted by European bank’s deleveraging and higher corporate debt issuance. Still, we find that the structure of the system and contagion remain similar in that network is highly susceptible to shocks from central countries and those with large financial systems (e.g., the USA and the UK). While, individual European countries (excluding the UK) have relatively low impact on shock propagation, the network is highly susceptible to the shocks from the entire euro area. Another important development is the rising role of the Asian countries and the noticeable increase in network susceptibility to shocks from China and Hong Kong SAR economies.
Keywords:
WP; UK shock; equity; FDI equity; FDI-equity layer; USA banking shock; Financial contagion; spillovers; network analysis; PageRank centrality measure; bank funding; Foreign direct investment; Stocks; Portfolio investment; Commercial banks; Global; Europe
Cover IMF Working Papers
The Global Banking Network in the Aftermath of the Crisis: Is There Evidence of De-globalization?
Mr. Eugenio M Cerutti
and
Haonan Zhou
Post-crisis dynamics show a shrinkage in the overall amount of crossborder bank lending, which has been interpreted in the literature as a retreat in financial globalization. In this paper, we argue that aggregate figures are not sufficient to support such a claim in terms of the overall structure of the global banking network. Based on a systematic approach to measuring, mapping and analyzing financial interconnectedness among countries using network theory, we show that, despite the decline in aggregate lending volumes, the structure of the network has developed increased connections in some dimensions. Some parts of the network are currently more interlinked regionally than before the crisis, and less dependent on major global lenders. In this context, at a more disaggregate level, we document the characteristics of the increasing regionalization of lending flows, the different evolution of linkages through bank affiliates and direct cross-border claims, as well as the shift in the importance of key borrower and lender nodes. These changes in the banking network have important insights in terms of policy implications since they indicate that the global banking network has evolved, but it has not undergone a generalized retrenchment in financial linkages.
Keywords:
WP; exchange rate; emerging market; regression analysis; Cross-border Lending; Banking Network; Financial Interconnectedness; CBS data; borrower country; Katz-Bonacich centrality; bank size; lender-borrower pair; credit-borrower dependence; flow process; borrower capital account openness; lender bank assets; Cross-border banking; Offshore financial centers; International banking; Foreign banks; Financial statistics; Global; Europe; Asia and Pacific
Cover IMF Working Papers
Uphill Capital Flows and the International Monetary System
Mr. Balazs Csonto
and
Mr. Camilo E Tovar Mora
Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S. Treasuries influences the U.S. yield curve at different maturities. Our findings suggest that a percentage point increase in foreign official holdings relative to outstanding marketable securities reduces the term premium by 2.0–2.4 basis points at maturities of 2–3 years. These estimates are then used to gauge the role of a global policy in reducing excess reserve accumulation?e.g., a composite global reserve asset or through global liquidity facilities. Findings show that a policy that reduces the demand for Treasuries by $100 billion would increase yields by 1.5–1.8 basis points.
Keywords:
WP; Treasuries; term premium; premium; Uphill capital flows; yield curve; U.S. Treasuries; reserve accumulation; foreign holdings; Treasury securities; yield dynamics; foreign exchange; Capital flows; Securities; Reserves accumulation; International reserves; Global
Cover IMF Staff Country Reports
Indonesia: Financial Sector Assessment Program—Basel Core Principles Assessment—Detailed Assessment of Compliance
International Monetary Fund. Monetary and Capital Markets Department
This paper is a detailed assessment of Indonesia’s financial sector—assessment of compliance with the Basel Core Principles for Effective Banking Supervision (BCP) carried out within the framework of the Financial Sector Assessment Program (FSAP). The Indonesian financial sector comprises banks, multi-finance companies, capital market companies, insurance companies, and pension funds. Bank Indonesia (BI), the central bank, is responsible for regulation and supervision of the banking system. The Executive Board recommends effective information exchange arrangements with other financial sector supervisors, and also to bring about amendments to the BI Act.
Keywords:
ISCR; CR; BI regulation; risk management; credit risk; equity participation; risk profile; banking system; senior management; banking group; internal audit; asset classification; risk assessment; interest rate; equity investment; require bank; Market risk; Bank supervision; Commercial banks; Operational risk; Bank regulation; Global
Cover IMF Staff Country Reports
Trinidad and Tobago: Selected Issues
International Monetary Fund
In this study, the economic developments and policy responses of Trinidad and Tobago after the crisis is reviewed. Policy recommendations are used to strengthen the legal and regulatory framework. According to the IMF’s financial system stability assessment (FSSA), there were critical gaps in the overall legal, regulatory, and supervisory structure for the insurance sector. The quality of insurance sector supervision can be assessed against internationally accepted established “core principles.” In this paper, an overview is presented of why the crisis occurred and some suggestions on how to prevent a future crisis.
Keywords:
ISCR; CR; rate; repo; excess reserves; interest rate; CLICO Trinidad; lending rate; T-bill rate; CLICO Bahamas; CLICO Barbados; CL Financial Limited; Repo rates; Insurance; Deposit rates; Insurance companies; Excess liquidity; Caribbean
Cover IMF Staff Country Reports
United States: Selected Issues Paper
International Monetary Fund
This Selected Issues Paper of the United States analyses the Report on Standards and Codes (ROSC) and the Detailed Assessment Report (DAR) on the current state of the U.S. implementation of the Basel Core Principles for Effective Banking Supervision. The assessment identifies key weaknesses in the regulatory and supervisory framework, and mentions recommendations to improve the compliance measures. The report also summarizes assessment of the U.S. securities and futures market regulatory system. Greater focus on systemic issues relating to both securities and futures markets are recommended to make the overall regulatory system more robust.
Keywords:
ISCR; CR; rate; saving rate; GDP; debt; housing finance system; rate adjustment; GDP adjustment; Congressional Budget Office forecast; Unemployment rate; Housing; Housing prices; Employment; Disposable income; Europe; Africa; Global; present discounted value; Economic recession
Cover IMF Working Papers
Cross-Border Investment in Small International Financial Centers
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
This note documents and assesses the role of small financial centers in the international financial system using a newly-assembled dataset. It presents estimates of the foreign asset and liability positions for a number of the most important small financial centers, and places these into context by calculating the importance of these locations in the global aggregate of cross-border investment positions. It also reports some information on bilateral cross-border investment patterns, highlighting which countries engage in financial trade with small financial centers.
Keywords:
WP; portfolio; holding; SIFCs; liability; Capital flows; financial centers; international investment position; BIS securities statistics; vis-à-vis SIFCs; portfolio equity share; SIFC Group; portfolio liability; Financial statements; Foreign direct investment; Offshore financial centers; Portfolio investment; Global
Cover IMF Staff Country Reports
Cayman Islands: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This paper focuses on observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for the Cayman Islands. The assessment reveals that the Cayman Islands’s legal framework for combating money laundering and terrorism financing is comprehensive. All designated categories of offences enumerated in the FATF 40 Recommendations are predicate offences under the Cayman law. The criminalization of FT is in accordance with FATF requirements. The confiscation regime meets most standards and is effective.
Keywords:
ISCR; CR; authority; offence; process; terrorism financing offence; confiscation regime; terrorism offence; law enforcement authorities; competent authority; authorities in Cayman Islands; AML regime; prosecutorial authorities; Cayman Islands Customs authorities; enforcement authority; portfolio of Legal Affairs; judicial authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Legal support in revenue administration; Liquidity requirements; Caribbean