Front Matter Page
Monetary and Capital Markets Department
Authorized for distribution by R. Barry Johnston
Contents
I. Introduction
II. Definitions of an OFC: A Survey of the Literature
III. Limitations of the Definitions Proposed So Far
IV. Definition of OFCs and Empirical Indicators
A. Proposed Definition
B. Indicator of OFC Status
C. Proxy Indicators of OFC Status
Proxy indicator based on CPIS (CPIS Assets)
Proxy indicator based on international investment position data
D. Data Description and Issues
Data description
Data issues
E. Econometric Estimations
F. Empirical Results
Results for high-income countries and jurisdictions
Results for low-and middle-income countries and jurisdictions
V. Conclusion
Tables
1. OFC Definitions
2. Summary of Data Issues Related to the Measures of OFC Status
3. High Income Countries, Max (CPIS, IIP), Equation 1
4. High Income Countries, Filtered IIP, Equation 2
5. Low and Middle Income Countries, Max (CPIS, IIP), Equation 1
6. Low and Middle Income Countries, Filtered IIP, Equation 2
7. Summary
8. High Income Countries–Balance of Payments Financial Services Data
9. Low-and Middle-Income Countries–Balance of Payments Financial Services Data
9. (Contd) Low and Middle Income Countries–Balance of Payments Financial Services Data
10. Lists of OFC According to the IMF; and Financial Stability Forum
Figures
1. Ratio of Net Financial Services Exports to GDP—High-Income Countries
2. Ratio of Net Financial Services Exports to GDP—Low-and Middle-Income Countries
Appendixes
I: OFCs—Their Origins and Activities
II: Definitions of OFCs Cited in the Survey of the Literature
III: Data Description and Issues
References