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Europe > British Virgin Islands

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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
Asymmetries in the Coordinated Direct Investment Survey: What Lies Behind?
Emma Angulo and Alicia Hierro
This paper analyzes asymmetries in direct investment positions reported in the Coordinated Direct Investment Survey (CDIS) following a top down approach. First, it examines asymmetries at global level; second, it examines asymmetries between CDIS reported and derived data for individual economies; and third, the paper analyzes data at bilateral economy level. Then, the paper explores seven main reasons for asymmetries, including those arising even when economies follow international standards. Finally, the paper includes a section on addressing bilateral asymmetries and concludes with specific planned actions to reduce asymmetries, including initiatives led by international organizations.
Keywords:
WP; investment position; enterprise; economy; CDIS; Direct Investment; Bilateral Asymmetries; counterpart economy; direct investment position; equity investment; ultimate investing economy; reporting economy; enterprise survey; conduit company; reporting enterprise; compilation system; enterprise group; economy breakdown; Foreign direct investment; Securities; Special purpose vehicle; Stocks; International investment position; Global; Africa
Cover IMF Working Papers
The Global FDI Network: Searching for Ultimate Investors
Jannick Damgaard and Thomas Elkjaer
This paper addresses three types of geographical decoupling in foreign direct investment (FDI), i.e., challenges when using traditional FDI data as a proxy for real economic integration between economies: (i) large bilateral asymmetries between inward and outward FDI, (ii) the role of special purpose entities (SPEs), and (iii) the effect of moving from immediate counterpart to ultimate investing economy (UIE). A unique global FDI network is estimated, where SPEs are removed and FDI positions are broken down by the UIE. Total inward FDI in the new network is reduced by one-third, and financial centers are less dominant.
Keywords:
WP; FDI position; FDI network; inward FDI; FDI estimate; FDI intensity; OECD country; FDI; multinational enterprises; special purpose entities; financial globalization; valuation method; FDI data; FDI equity; Foreign direct investment; Special purpose vehicle; Offshore financial centers; Global
Cover IMF Working Papers
Gone with the Wind: Estimating Hurricane and Climate Change Costs in the Caribbean
Mr. Sebastian Acevedo Mejia
This paper studies the economic costs of hurricanes in the Caribbean by constructing a novel dataset that combines a detailed record of tropical cyclones’ characteristics with reported damages. I estimate the relation between hurricane wind speeds and damages in the Caribbean; finding that the elasticity of damages to GDP ratio with respect to maximum wind speeds is three in the case of landfalls. The data show that hurricane damages are considerably underreported, particularly in the 1950s and 1960s, with average damages potentially being three times as large as the reported average of 1.6 percent of GDP per year. I document and show that hurricanes that do not make landfall also have considerable negative impacts on the Caribbean economies. Finally, I estimate that the average annual hurricane damages in the Caribbean will increase between 22 and 77 percent by the year 2100, in a global warming scenario of high CO2 concentrations and high global temperatures.
Keywords:
WP; nominal GDP; wind-damage elasticity; wind velocity; storm damage; Hurricane; tropical cyclone; climate change; climate impact; Caribbean; damages in the Caribbean; tropical cyclone damage; wind-damage function; wind-damages relation; terms tropical cyclone; Natural disasters; Greenhouse gas emissions; Renewable energy; Global
Cover Policy Papers
A Macrofinancial Approach to Supervisory Standards Assessments
International Monetary Fund
Standards assessments serve several important objectives but are not well integrated into Fund surveillance. Financial standards assessments, when undertaken in the context of FSAPs, are used to identify weaknesses in financial regulation and supervision, or other areas covered by international standards. However, those weaknesses are not specifically linked to the risks and vulnerabilities facing the financial sector. Conversely, the analysis of country-specific vulnerabilities in the FSAP does not contribute to targeting the standard assessment effort, since the assessment must be exhaustive and cover the entire standard.
Keywords:
PP; financial market; market risk; market intermediary; standards assessment; interest rate; liquidity risk; credit risk; market participant; Financial sector stability; Basel Core Principles; Operational risk; Insurance companies; Financial Sector Assessment Program; Global
Cover IMF Staff Country Reports
Republic of Latvia: 2012 Article IV Consultation and Second Post-Program Monitoring Discussions
International Monetary Fund. European Dept.
Latvia has rebounded from the crisis, after successfully undertaking a difficult adjustment program. The recovery has been well balanced between external and domestic demand. The labor market is improving but unemployment is still high. Past consolidation efforts have brought down the fiscal deficit. The banking system is recovering. Nonresident deposits in the banking system have been expanding rapidly. Economic growth is expected to weaken slightly in 2013, before picking up later. Euro adoption in 2014 appears within reach, subject to some technical uncertainties.
Keywords:
ISCR; CR; staff appraisal; statement; obligation; staff representative; Latvian authorities; SBA program; Maastricht deficit criterion; Fiscal stance; Loans; Credit; Global
Cover IMF Staff Country Reports
British Virgin Islands: Financial Sector Assessment Program Update: Detailed Assessment of Basel Core Principles for Effective Banking Supervision
International Monetary Fund
The Banks and trust Companies Act, Financial Services Commission Act, and the Regulatory Act are considered for banking supervision. The assessment is also based on a self-assessment prepared by the Financial Services Commission (FSC). British Virgin Islands (BVI) law provides three classes of banking licenses. The preconditions for effective banking supervision are present in the BVI. The FSC has sufficient autonomy, powers, and resources with clear responsibilities and objectives. The FSC does not impose specific limits on investments but reviews bank-imposed limits. The FSC has a well-developed system of ongoing supervision in place.
Keywords:
ISCR; CR; bank; FSC staff; FSC reviews compliance; BVI bank; capital base; FSC onsite inspection; parent bank; shell bank; license bank; subsidiary bank; FSC's policy; reviews bank-imposed limit; overseas bank; Bank supervision; Market risk; Basel Core Principles; Bank licensing; Caribbean; East Asia; Global
Cover IMF Staff Country Reports
British Virgin Islands: Financial Sector Assessment Program Update: Financial System Stability Assessment
International Monetary Fund
This paper focuses on financial regulatory policies and stability. The British Virgin Islands (BVI) provides administrative, audit, and legal services to international business companies, which is another key component of the economy. Developments in the financial sector and regulatory framework warrant an update of the assessment conducted under the IMF’s Offshore Financial Center (OFC) program. Financial Services Commission Act (FSCA) provides the Financial Services Commission (FSC) with a wide array of specific regulatory, supervisory, and enforcement powers. The banking system has been insulated from global financial shocks. Many critical elements develop a robust and proportionate crisis management framework.
Keywords:
ISCR; CR; FSC authority; BVI bank; BVI authorities; BVI insurance industry; BVI business company; BVI incorporation; BVI tourism sector; FSC staff; business company; BVI law; Mutual funds; Commercial banks; Financial sector; Insurance; Global; Caribbean
Cover IMF Staff Country Reports
British Virgin Islands: Financial Sector Assessment Program Update Documentation: Technical Note on Mutual Fund Regulation
International Monetary Fund
In a previous assessment, it was concluded that the British Virgin Islands (BVI) regulatory system governing securities markets functioned well overall, but required improvement in certain areas. Those areas are implemented with regulatory code, Securities and Investment Business Act (SIBA), related regulations, and the public funds code. The standards and eligibility of those who wish to manage or administer a mutual fund are determined by the Financial Services Commission (FSC) under the authority granted by statute. A mutual fund can be organized as a corporation, unit trust, or partnership.
Keywords:
ISCR; CR; FSC; public funds; fund; mutual fund; FSC compliance review program; public funds code; FSC authority; FSC website; audited fund report; FSC's intention; SIBA regime; Mutual funds; Asset valuation; Financial statements