Prospects for blockchain-based settlement frameworks as a resolution to the threat of de-risking to Caribbean financial systems

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cepal.bibLevelDocumento Completo
cepal.callNumberLC/CAR/2017/2
cepal.docTypeDocumentos de proyectos e investigación
cepal.jobNumberLCCAR2017_2_en
cepal.regionalOfficePuerto España
cepal.sdg9
cepal.sdg10
cepal.sdg13
cepal.sdg17
cepal.topicEngBUSINESS STRATEGIES
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicEngGLOBAL GOVERNANCE
cepal.topicEngINFORMATION AND COMMUNICATIONS TECHNOLOGIES (ICTS)
cepal.topicEngINTERNATIONAL COOPERATION
cepal.topicEngPUBLIC POLICIES
cepal.topicEngREGULATION
cepal.topicSpaCOOPERACIÓN INTERNACIONAL
cepal.topicSpaESTRATEGIAS EMPRESARIALES
cepal.topicSpaGOBERNANZA MUNDIAL
cepal.topicSpaPOLÍTICAS PÚBLICAS
cepal.topicSpaREGULACIÓN
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.topicSpaTECNOLOGÍAS DE LA INFORMACIÓN Y LAS COMUNICACIONES (TIC)
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaEngPLANNING FOR DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
cepal.workareaSpaPLANIFICACIÓN PARA EL DESARROLLO
dc.contributor.authorWilliams, Robert Crane
dc.coverage.spatialEngCARIBBEAN REGION
dc.coverage.spatialSpaCARIBE
dc.date.accessioned2017-04-12T21:15:45Z
dc.date.available2017-04-12T21:15:45Z
dc.date.issued2017-04
dc.description.abstractCaribbean countries have been seriously impacted by the trend toward “de-risking” in the global financial system, and this is damaging to their economic security and the ability of Caribbean businesses to innovate. De-risking is the name given to the tendency of banking institutions to turn away from working relationships and lines of business for which the cost of regulatory compliance—and the risk of non-compliance— is deemed to be too high in comparison to the returns. This is a phenomenon that is affecting developing economies around the world, but the small and vulnerable economies of the Caribbean have been hardest hit. For example, recent years have seen a trend in which banks in major economies are severing their correspondent relationships with banks in the Caribbean, having determined that the profitability of these operations is outweighed by the cost of managing associated risks. Banks in the Caribbean have been left struggling to recover from this abandonment by many of their former business partners, having been reliant on these correspondent banking relationships as a means of access to global financial networks (Boyse and Kendall 2016). Under correspondent banking schemes, a “correspondent bank” – typically a banking institution with a presence in a major developed economy, such as the United States or European Union – holds an account on behalf of a bank located in a smaller, less developed economy. Many Caribbean banks use these correspondent accounts to provide their customers with international money transfer and foreign exchange services. However, institutional and regulatory factors have driven correspondent banks to reduce their exposure to risk. Particular areas of concern include issues surrounding anti-money laundering and combating the financing of terrorism (AML/CFT) and the need to ensure compliance with international trade sanctions. The costs associated with the high level of customer due diligence required to manage such risks are, in many cases, not justified by the low profit margins associated with correspondent banking services. As a result, many Caribbean banks are finding that the correspondent banking relationships that they have relied on in the past are being cut off.
dc.description.tableOfContentsIntroduction. -- I. Blockchain-based models for financial institutions. -- A. The open model. -- B. The permissioned model. -- C. The centralized model. -- II. Use of blockchains for settlement and clearing. -- III. Conclusion. -- Bibliography .
dc.formatTexto
dc.format.extent23 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/CAR/2017/2
dc.identifier.urihttps://hdl.handle.net/11362/41139
dc.language.isoeng
dc.physicalDescription23 p.
dc.publisherECLAC, Subregional Headquarters for the Caribbean
dc.publisher.placePort-of-Spain
dc.rights.coarDisponible
dc.subject.unbisEngELECTRONIC FUNDS TRANSFER
dc.subject.unbisEngINTERNET
dc.subject.unbisEngMONEY
dc.subject.unbisEngINFORMATION TECHNOLOGY
dc.subject.unbisEngCOMMUNICATION TECHNOLOGY
dc.subject.unbisEngINNOVATIONS
dc.subject.unbisEngFINANCIAL SERVICES
dc.subject.unbisEngFINANCIAL INSTITUTIONS
dc.subject.unbisEngINTERNATIONAL MONETARY SYSTEM
dc.subject.unbisEngRISK MANAGEMENT
dc.subject.unbisEngECONOMIC REGULATION
dc.subject.unbisEngBANKING SYSTEMS
dc.subject.unbisEngPOLICY MAKING
dc.subject.unbisEngDEVELOPMENT STRATEGIES
dc.subject.unbisEngINTERNATIONAL COOPERATION
dc.subject.unbisSpaTRANSFERENCIA ELECTRONICA DE FONDOS
dc.subject.unbisSpaINTERNET
dc.subject.unbisSpaDINERO
dc.subject.unbisSpaTECNOLOGIA DE LA INFORMACION
dc.subject.unbisSpaTECNOLOGIA DE LAS COMUNICACIONES
dc.subject.unbisSpaINNOVACIONES
dc.subject.unbisSpaSERVICIOS FINANCIEROS
dc.subject.unbisSpaINSTITUCIONES FINANCIERAS
dc.subject.unbisSpaSISTEMA MONETARIO INTERNACIONAL
dc.subject.unbisSpaGESTION DE LOS RIESGOS
dc.subject.unbisSpaREGULACION ECONOMICA
dc.subject.unbisSpaSISTEMAS BANCARIOS
dc.subject.unbisSpaELABORACION DE POLITICAS
dc.subject.unbisSpaESTRATEGIAS DEL DESARROLLO
dc.subject.unbisSpaCOOPERACION INTERNACIONAL
dc.titleProspects for blockchain-based settlement frameworks as a resolution to the threat of de-risking to Caribbean financial systems
dc.type.coarlibro
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