› › The Regulation Of Non Bank Financial Institutions In The Eastern Caribbean Currency Union

The Eastern Caribbean Economic and Currency Union

Author : Mr.Alfred Schipke

Publisher : International Monetary Fund

Page : 546 pages

File Size : 20,66 MB

Release : 2013-04-10

Category : Business & Economics

ISBN : 1616352655

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Book Description

The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.





Eastern Caribbean Currency Union

Author : International Monetary Fund. Western Hemisphere Dept.

Publisher : International Monetary Fund

Page : 79 pages

File Size : 36,98 MB

Release : 2020-03-05

Category : Business & Economics

ISBN : 1513536222

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Book Description

This paper presents IMF’s 2019 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). ECCU’s gross domestic product (GDP) growth accelerated from 3/4 percent in 2017 to 3 3/4 percent in 2018, reflecting buoyancy in the tourism sector, sizable Citizenship-by-Investment (CBI) inflows, and a recovery from the 2017 hurricanes in Anguilla and Dominica, which were supported by large public investments in reconstruction. Fiscal deficits increased in 2018–2019, but they have remained moderate. Efforts are needed to streamline, and re-balance tax incentives based on clear principles consistent with international best practices. External imbalances are sizable and significant financial sector vulnerabilities affect both banks and non-banks. Growth is projected to gradually moderate toward its long-term average of 2 1/4 percent as the cyclical momentum normalizes and CBI inflows ease. These trends would also contribute to wider fiscal deficits, ending the downward drift in public debt dynamics. The outlook is clouded by downside risks, including a possible intensification of natural disasters and financial sector weaknesses.



Bank Network Analysis in the ECCU

Author : Mr.Balazs Csonto

Publisher : International Monetary Fund

Page : 32 pages

File Size : 31,16 MB

Release : 2018-07-12

Category : Business & Economics

ISBN : 1484367502

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Book Description

This paper applies network analysis to assess the extent of systemic vulnerabilities in the ECCU banking system. It includes two sets of illustrative stress tests. First, solvency and liquidity shocks to each individual bank and the impact on other banks in the network through their biltareal net asset exposures. Second, country and region-wide tail shocks to GDP affecting capital and liquidity of all banks in the shocked jurisdictions, followed by the rippling effects through the regional network. The results identify systemic institutions that merit hightened attention by the regulator, as determined by the degree of connectivity with the rest of the system, and the extent to which they are vulnerable to the failure of other banks.



Eastern Caribbean Currency Union

Author : International Monetary Fund

Publisher : International Monetary Fund

Page : 97 pages

File Size : 50,9 MB

Release : 2009-06-02

Category : Business & Economics

ISBN : 145181173X

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Book Description

The Eastern Caribbean Currency Union (ECCU) countries financial system has increasingly come under stress particularly through weakly supervised nonbank and offshore financial sectors with knock-on effects to domestic banks. The staff report focuses on ECCU’s 2009 discussion on common policies of member countries on economic development and policies. In response, ECCU authorities have accelerated the establishment of national Single Regulatory Units and the passage of harmonized legislation to strengthen then regulation and supervision of nonbanks and offshore institutions.



The Withdrawal of Correspondent Banking Relationships

Author : Mrs.Michaela Erbenova

Publisher : International Monetary Fund

Page : 42 pages

File Size : 49,47 MB

Release : 2016-06-30

Category : Business & Economics

ISBN : 1498336531

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Book Description

This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.



Barbados

Author : International Monetary Fund. Monetary and Capital Markets Department

Publisher : International Monetary Fund

Page : 64 pages

File Size : 31,75 MB

Release : 2014-02-12

Category : Business & Economics

ISBN : 1484300408

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Book Description

This paper discusses key findings of the Financial System Stability Assessment Report on Barbados. Barbados has a relatively well-developed financial system, including a large offshore sector. The onshore system is dominated by large, regionally active banks. Banking services to the population are also provided by the credit union sector. With a deteriorating fiscal situation and weak growth prospects, Barbados faces considerable macroeconomic vulnerabilities. Although the financial system does not appear to be a source of immediate risk, its position appears to be deteriorating, with implications for systemic stability.



On Bank Consolidation in a Currency Union

Author : Fabio Di Vittorio

Publisher : International Monetary Fund

Page : 26 pages

File Size : 37,25 MB

Release : 2018-04-24

Category : Business & Economics

ISBN : 1484352750

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Book Description

The paper focuses on the impact of diversification on bank performance and how consolidation through mergers and acquisitions (M&A) affects the banking sector’s stability in the Eastern Caribbean Currency Union (ECCU). The paper finds that a lower level of loan portfolio diversification explains higher non-performing loans and earnings volatility of indigenous banks, as compared to foreign competitors in the ECCU. We then simulate bank mergers both within and across ECCU countries by combining individual banks’ balance sheets. The simulation shows that a typical indigenous bank could better diversify against its idiosyncratic risk by merging with other banks across the border. In addition, we point out that M&A, leading to a more asymmetric banking sector, may increase systemic risk.



Fintech

Author : International Monetary Fund

Publisher : International Monetary Fund

Page : 73 pages

File Size : 12,65 MB

Release : 2019-06-27

Category : Business & Economics

ISBN : 1498321860

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Book Description

The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.



Dominica

Author : International Monetary Fund. Western Hemisphere Dept.

Publisher : International Monetary Fund

Page : 93 pages

File Size : 23,33 MB

Release : 2024-06-27

Category :

ISBN :

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Book Description

Dominica is a small island developing state that is vulnerable to external shocks. Key economic drivers (agriculture and ecotourism) have limited downstream integration and are vulnerable to disaster shocks. During the past decade, consecutive natural disasters (NDs) followed by the pandemic and cost of living shocks have taken its toll on Dominica’s economy. Policy responses have eroded essential fiscal buffers, despite large Citizenship by Investment (CBI) revenues which have supported reconstruction, infrastructure development, and climate adaptation. The country remains exposed to shocks, while tight fiscal space constrains development initiatives. The ongoing economic expansion provides an opportunity to rebuild essential buffers and reorient policies towards increasing prospects for more sustained and resilient growth.