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Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti

Front Matter Page Research Department Contents I. Introduction II. International financial activities of Small Financial Centers III. Data Construction IV. Country Characteristics and External Balance Sheet of the sifc group V. Bilateral patterns VI. The Effects of the Financial Crisis: A Preliminary Look VII. Concluding Remarks Appendix 1 Appendix 2 References Tables 1. Small Financial Centers: Main International Financial Activity 2. Basic Country Characteristics 3. Political Status of Small International Financial

Mr. Philip R. Lane and Mr. Gian M Milesi-Ferretti

arbitrage. In relation to emerging markets, the existence of capital controls and rules that differentiate between foreign and domestic investors can also induce significant round-tripping activity. For instance, Hong Kong plays a significant role in FDI and portfolio round-tripping for China, while Mauritius fulfills a similar function for India. III. D ata C onstruction We consider a group of thirty-two small international financial centers, which we will label the SIFC group. We omit from this list several important international financial centers such as

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.
International Monetary Fund

ODCs Other Depository Corporations ODCS Other Depository Corporations Survey PPI Producer Price Index PROCOMER Foreign Trade Promotion Enterprise ROSC Report on the Observance of Standards and Codes SATV Securities Management System SBP Balance of Payments Section SDDS Special Data Dissemination Standard SEN National Statistical System SIFC Financial Accounting Information System SNA System of National Accounts SPPF Policy

International Monetary Fund

IFCT EXIM SME Bank. SICGC SMC Islamic Bank Government Savings Bank Bank for Agriculture and Agricultural Cooperatives Government Housing Bank The Industrial Finance Corporation of Thailand Export-Import Bank of Thailand Small and Medium Enterprise Development Bank of Thailand (changed from SIFC) The Small Industry Credit Guarantee corporation (SICGC) Secondary Mortgage Corporation www.gsb co.th www.baac.co.th www.fhb.co.th www.ifct.co.th www.exim.go.th www.smebank.co.th Year

International Monetary Fund

program covering up to 50 percent of SME loans extended by state financial institutions (the guarantee covers also forgone interest payments). Fees levied by the SICGC range between 1 and 1.8 percent. The EXIM bank and the Small Industry Finance Corporation (SIFC) established a credit program to promote and support exports, with an operating budget of B 12 billion. The role of the SIFC was expanded to allow it to become a special-purpose “SME Bank” with the mandate to extend up to B 10 billion in soft loans and provide financial services to SMEs. Although details

Maria González-Miranda

financial centers (SIFCs) using data from BIS, several IMF databases (CPIS, International Financial Statistics, and Balance of Payments Statistics), UNCTAD, and national authorities confirm this pattern. 26 They calculate the gross international balance sheet of these centers to be more than US$18 trillion ( Appendix 14B , Table 14B.1 ), with external assets and liabilities representing about 8½ percent of the world’s cross-border holdings. The Cayman Islands accounts for about half of the assets for the group, while The Bahamas has the largest share among the

International Monetary Fund
This report provides a summary of Costa Rica’s macroeconomic data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS), together with a summary assessment of the dimensions of data quality underlying national accounts statistics, consumer and producer price statistics, government finance statistics, monetary statistics, and balance-of-payments statistics. The authorities are in observance of nearly all SDDS specifications used by the IMF to determine observance of the Standard—that is, coverage, periodicity, and timeliness of the data and the dissemination of advance release calendars. In some instances, timeliness exceeds SDDS requirements.
International Monetary Fund

and the rest of the National Financial System, and access to the Financial Accounting Information System (SIFC) required to generate the reports on international monetary reserves. A large percentage of private sector responses is sent by e-mail. The staff has solid knowledge of and familiarity with the concepts and methodology recommended in the fifth edition of the Balance of Payments Manual (BPM5) . Most of the members of the section have many years of experience and/or have received in-country or overseas training in the methodology of compiling the balance

International Monetary Fund
After the failure of the early 1980s, a second attempt at capital account liberalization was gradually carried out in Chile during the 1990s, this time in parallel with increased exchange rate flexibility. Capital account regulations were applied to support the independent monetary policy committed to the inflation target, while the exchange rate was quasi-pegged within a band that targeted the real exchange rate (RER). Still, the policy framework directed at stabilizing the RER appears to have been of limited effectiveness, with the surges and sudden-stops in capital flows playing an important role in RER dynamics. Foreign exchange market intervention appears not to have affected the RER while reserve requirement appears to have exerted a depreciating effect. Government spending and import tariffs, appear to be significant tools to moderate the real appreciation thus providing one additional reason for adopting a countercyclical fiscal policy and accelerating trade openness