Change, Dependency, and Regime Plasticity in Offshore Financial Intermediation

Change, Dependency, and Regime Plasticity in Offshore Financial Intermediation
Author: Craig M. Boise
Publisher:
Total Pages: 81
Release: 2010
Genre:
ISBN:

The legal regimes of offshore jurisdictions have historically differed in significant ways from those applicable in onshore jurisdictions. Inevitably, legal and financial professionals have seized upon these differences to develop strategies for reducing transactions costs. A prominent example of such cross-border arbitrage was the routing of Eurodollar loans through a small group of former Dutch island colonies in the Caribbean, a practice which peaked in the mid-1980s, when virtually every major U.S. corporation made interest payments to a Netherlands Antilles finance subsidiary. The quot;Antilles sandwichquot; strategy exploited the difference between high U.S. withholding tax rates that applied to interest payments made to most foreign lenders, and the zero rate of tax that applied to U.S. interest payments made to residents of the Antilles under its tax treaty with the United States. Both jurisdictions reaped significant benefits from the strategy until the United States unilaterally terminated the tax treaty in 1987, virtually wiping out the Antilles offshore financial sector overnight. Unfortunately, because of rigidity in its governance structure, the Antilles' failed to develop alternative financial intermediation strategies to replace the Antilles sandwich structure before its demise. The rise and fall of the Antilles' offshore financial sector provides insight into the current struggle between onshore and offshore governments over the role of offshore financial centers like the Antilles within the global economy. Concerned about tax evasion by their residents, onshore jurisdictions including France, Germany, and the United States are pressing for major changes in offshore jurisdictions' legal and regulatory regimes that may eliminate legitimate opportunities for international arbitrage. In such an environment, offshore financial centers may find it difficult to survive. In this article, we distill from the Antilles experience a theory of quot;regime plasticityquot; and examine the role that it plays in allowing offshore financial centers to adapt to changes in the legal and political environments within which they operate. How offshore financial centers react, and whether they have learned the lessons of the Antilles' experience will play a major role in determining the future of the global offshore financial sector.

Re-imagining Offshore Finance

Re-imagining Offshore Finance
Author: Christopher M. Bruner
Publisher: Oxford University Press
Total Pages: 265
Release: 2016
Genre: Business & Economics
ISBN: 0190466871

In this book, Bruner canvasses extant theoretical frameworks used to describe and evaluate the roles of small jurisdictions in cross-border finance. He proposes a new conceptual framework that better captures the characteristics, competitive strategies, and market roles of those achieving global dominance in the marketplace - the "market-dominant small jurisdiction" (MDSJ). Bruner identifies the central features giving rise to such jurisdictions' competitive strengths - historical, cultural, and geographical - while reflecting development strategies pursued in light of those circumstances. Through this lens, he evaluates a range of small jurisdictions that have achieved global dominance in specialized areas of cross-border finance, including Bermuda, Dubai, Singapore, Hong Kong, Switzerland, and Delaware.

Offshore Financial Centers and Regulatory Competition

Offshore Financial Centers and Regulatory Competition
Author: Andrew P. Morriss
Publisher: Government Institutes
Total Pages: 210
Release: 2010-06-16
Genre: Business & Economics
ISBN: 0844743399

In Offshore Financial Centers and Regulatory Competition, a group of leading international law and finance experts argues that offshore jurisdictions have become key players in corporate finance and captive insurance markets.

Offshore Finance and Global Governance

Offshore Finance and Global Governance
Author: William Vlcek
Publisher: Springer
Total Pages: 190
Release: 2016-11-02
Genre: Political Science
ISBN: 1137561815

This book analyzes shifting international taxation strategies in pursuit of tax nomads, individuals and companies who minimize their tax obligations among multiple countries. Focusing on the efforts of the United States, the collective endeavours of the European Union and the global initiative of the OECD under G20 guidance, it investigates their attempts to understand and control the mechanisms employed by such nomads. The author directs particular attention to intellectual property, used by multinational corporations to move income from high-tax to low-tax locations. Contrary to claims that globalization hinders tax collection, Vlcek argues that state sovereignty and state power remain the defining characteristic of international taxation. The EU and OECD in turn, he concludes, are leveraging cooperation with the US to force other countries to share taxpayer information with them. This significant work will interest economists, political scientists and tax experts. /div

Euro-Caribbean Societies in the 21st Century

Euro-Caribbean Societies in the 21st Century
Author: Sébastien Chauvin
Publisher: Routledge
Total Pages: 232
Release: 2018-05-16
Genre: Political Science
ISBN: 1351248855

This edited collection examines the realities of the last remnants of the European colonial empires in the Caribbean, namely the British, Dutch and French overseas territories. Although known and perhaps infamous for their role as high-end tourist destinations and financial centres, these small jurisdictions are complex and multifaceted places. While this volume considers their role as financial centres, it does so from alternative and original perspectives by examining how the sector shapes the internal dynamics of these Caribbean societies, and how it is itself shaped by global trends. A range of contributions is included that highlight other key issues. Political relations between the territories and their metropolitan centres and with the European Union are the focus of several chapters, highlighting the stresses and strains, and in many cases the unfulfilled expectations of devolved governance. Further chapters describe the economic instability and factors of political conflict faced by some of these societies and the available options to address them. Finally, several chapters reflect more specifically on the territories’ internal social and ethnic dynamics, and the hierarchies and inequalities that result. Bringing together a variety of different disciplinary perspectives, from political science to sociology, and from anthropology to geography, this book will be of great interest to any academic or student who wishes to see how an often overlooked part of the world is actually a key site of socio-economic transformation and a crucial nexus in global affairs. Sébastien Chauvin is a sociologist and an Associate Professor at the Institut des Sciences Sociales at the University of Lausanne, Switzerland. His research deals with immigration, citizenship, gender, sexuality, law and labour in France and the USA. With Bruno Cousin, he has also developed a multi-sited research programme on social and symbolic capital and the cultural sociology of economic élites, with a focus on Western Europe (élite male social club sociability), the Caribbean region (Saint-Barthélemy), and new forms of conspicuous consumption among the global super-rich. His other ongoing writing explores the intersections of race, nationalism, sexuality and citizenship in the Netherlands, France and the USA. Peter Clegg is Associate Professor in Politics and Head of the Department of Health and Social Sciences at the University of the West of England, Bristol, UK. He was formerly Visiting Research Fellow at both KITLV/Royal Netherlands Institute of South East Asian and Caribbean Studies, Leiden, Netherlands, and at the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES), University of the West Indies, Jamaica. His main research interests focus on contemporary developments within the United Kingdom Overseas Territories and the international political economy of the Caribbean. Bruno Cousin is Assistant Professor of Sociology at Sciences Po, France, and an affiliate of the Centre of European Studies and Comparative Politics (CEE), France. Previously, he was Assistant Professor at the University of Lille, France, and Postdoctoral Research Fellow at Harvard University, USA, and has held visiting positions at NYU, the University of Amsterdam and Birkbeck. His research interests focus on class relations, residential segregation, social capital and forms of bourgeois sociability, and the modes of élites’ legitimization. He is currently conducting research with Sébastien Chauvin on Saint-Barthélemy (French West Indies), whose first results have been published in Ethnologie française and Geographies of the Super-Rich (2013), and he has recently co-authored Ce que les riches pensent des pauvres (2017).

The Freeman

The Freeman
Author:
Publisher:
Total Pages: 542
Release: 2009
Genre: Libertarianism
ISBN:

The Offshore World

The Offshore World
Author: Ronen Palan
Publisher: Cornell University Press
Total Pages: 252
Release: 2006
Genre: Business & Economics
ISBN: 9780801472954

The atlas of contemporary capitalism is curious indeed. A desperately poor and civil-war-wracked nation, Liberia, is the world's shipping superpower; the Cayman Islands the fifth-largest financial center in the world; land-locked Zurich a venerable "offshore" banking center. Indeed, it is estimated that half of the global stock of money passes through tax havens. The logic of the offshore world, where millionaires and corporations roam in search of financial advantage, is slippery. It challenges many conventional assumptions about power and economics.In the single most comprehensive account of the offshore economy, Ronen Palan investigates the legal spaces, unregulated and yet maintained and supported by the state system, that have emerged for purposes of international finance, tax havens, export processing zones, flags of convenience, and e-commerce. The offshore economy had its beginnings in the late nineteenth century, saw early development after the First World War, and metastasized in the 1970s. Palan believes that a rapidly expanding offshore economy is now producing a new market in sovereignty; states have discovered that their rights to write law may be used as a commercial asset. This commercialization of sovereignty, he asserts, undermines the legitimacy of the nation-state and supports a form of nomadic capitalism.

Impacts of climate change on fisheries and aquaculture

Impacts of climate change on fisheries and aquaculture
Author: Food and Agriculture Organization of the United Nations
Publisher: Food & Agriculture Org.
Total Pages: 654
Release: 2019-01-06
Genre: Technology & Engineering
ISBN: 9251306079

This report indicates that climate change will significantly affect the availability and trade of fish products, especially for those countries most dependent on the sector, and calls for effective adaptation and mitigation actions encompassing food production.

Cambridge Handbook of Experimental Political Science

Cambridge Handbook of Experimental Political Science
Author: James N. Druckman
Publisher: Cambridge University Press
Total Pages: 577
Release: 2011-06-06
Genre: Political Science
ISBN: 0521192129

This volume provides the first comprehensive overview of how political scientists have used experiments to transform their field of study.

The Economics of Ecosystems and Biodiversity: Ecological and Economic Foundations

The Economics of Ecosystems and Biodiversity: Ecological and Economic Foundations
Author: Pushpam Kumar
Publisher: Taylor & Francis
Total Pages: 454
Release: 2012-12-20
Genre: Business & Economics
ISBN: 1136538801

Human well-being relies critically on ecosystem services provided by nature. Examples include water and air quality regulation, nutrient cycling and decomposition, plant pollination and flood control, all of which are dependent on biodiversity. They are predominantly public goods with limited or no markets and do not command any price in the conventional economic system, so their loss is often not detected and continues unaddressed and unabated. This in turn not only impacts human well-being, but also seriously undermines the sustainability of the economic system. It is against this background that TEEB: The Economics of Ecosystems and Biodiversity project was set up in 2007 and led by the United Nations Environment Programme to provide a comprehensive global assessment of economic aspects of these issues. This book, written by a team of international experts, represents the scientific state of the art, providing a comprehensive assessment of the fundamental ecological and economic principles of measuring and valuing ecosystem services and biodiversity, and showing how these can be mainstreamed into public policies. This volume and subsequent TEEB outputs will provide the authoritative knowledge and guidance to drive forward the biodiversity conservation agenda for the next decade.