Download or read book Offshore Financial Centers and Regulatory Competition written by Andrew P. Morriss and published by Government Institutes. This book was released on 2010-06-16 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book REGULATORY COMPETITION AND COMPLEMENTARITY IN AN OFFSHORE FINANCIAL CENTRE written by and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Re Imagining Offshore Finance written by Christopher M. Bruner and published by Oxford University Press. This book was released on 2016-11-11 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Small jurisdictions have become significant players in cross-border corporate and financial services. Their nature, legal status, and market roles, however, remain under-theorized. Lacking a sufficiently nuanced framework to describe their functions in cross-border finance - and the peculiar strengths of those achieving global dominance in the marketplace - it remains impossible to evaluate their impacts in a comprehensive manner. This book advances a new conceptual framework to refine the analysis and direct it toward more productive inquiries. Bruner canvasses extant theoretical frameworks used to describe and evaluate the roles of small jurisdictions in cross-border finance. He then proposes a new concept 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 - some reflect historical, cultural, and geographic circumstances, while others reflect 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. Bruner further tests the MDSJ concept's explanatory power through a broader comparative analysis, and he concludes that the MDSJs' significance will likely continue to grow - as will the need for a more effective means of theorizing their roles in cross-border finance and the global dynamics generated by their ascendance.
Download or read book Why Reregulation After the Crisis is Feeble written by Thomas Rixen and published by . This book was released on 2014 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: A crucial element in the complex chain of factors that caused the recent financial crisis was the lack of regulation and oversight in the shadow banking sector, which is largely incorporated in offshore financial centers (OFCs). But instead of swift and radical regulatory reform in that sector after the crisis, we observe only incremental and ineffective measures. Why? The paper develops an explanation based on a two-level game. On the international level, governments are engaged in jurisdictional competition for financial activity. On the domestic level, governments are prone to capture by financial interest groups, but also susceptible to demands for stricter regulation by the electorate. Governments try to square the circle between the conflicting demands by adopting incremental and symbolic, but largely ineffective reforms. The explanation is put to empirical scrutiny by tracing the regulatory initiatives on shadow banks and OFCs at the international level and within the USA and the European Union, where I focus on France, Germany and the United Kingdom.
Download or read book The World of International Financial Centres written by Peter Yeoh and published by Kluwer Law International B.V.. This book was released on 2021-08-06 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence continues to accumulate indicating that tax havens (as they are familiarly called) account for a staggering multi-trillion-dollar loss of tax revenues worldwide. Yet, as this crucially important book shows, such offshore financial centres (OFCs) represent merely the ‘low-hanging fruit’ of a massive malaise reaching into every corner of today’s global financial services landscape with the so-called New York-London axis at its root. In a biting critique and analysis of the tax and regulatory environments from which OFCs operate, the author demonstrates that OFC-like features exist in almost every jurisdiction as a virtually inevitable outcome of the transformation of economies worldwide over the past three decades, as nations and economic blocs compete for foreign investments, and as nations seek expansion of markets to accelerate growth. Covered aspects of this phenomenon include the following: the financialization process in global transactions; erosion of credibility in political establishments with regard to their ability to govern from the centre; ultralight regulatory enclaves found in parts of developed countries; public pressure demanding enhanced international cooperation and global tax reforms, now increasingly led by the US Biden administration, and increasingly likely to reach consensus among G7 economies; and momentum generated for reform of financial reporting systems by the leaked Panama and Paradise Papers, as well as the gathering impact of the COVID-19 pandemic that led to growing government involvements in national and regional economies to protect the health and economic welfares of their respective populations. With its insights into why OFCs persist despite tightening of the rules regarding tax and financial transparency, and its insistence that the blameworthiness of large-scale tax avoidance should be assessed as a global tax problem requiring coordinated and collaborative response from both developing and advanced economies, this book takes a giant step towards genuine international tax reform. It will prove of enormous value to financial institutions, multinational corporations, tax experts, and lawmakers seeking to mend a world increasingly troubled by illicit financial flows, and problems posed by large individual and corporate tax escape artists. Disclaimer: This title is in pre-production and any names, credits or associations are subject to change. The current table of contents and subject matter is for pre-release sample purposes only.
Download or read book The Value of Offshore Banking to the Global Financial System written by John E. Baiden and published by Xlibris Corporation. This book was released on with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Regulatory Rivalry in Open Economies The Impact of Deregulation on the US and UK Financial Markets written by Doha M. Abdelhamid and published by Routledge. This book was released on 2017-11-01 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2003. This text aims to fill a gap in the literature for a text on the theory and practice of international regulatory competition in the open financial markets of the US and UK.
Download or read book Banking and Finance in Islands and Small States written by Michael Bowe and published by Routledge. This book was released on 2014-02-04 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays analyzes the special characteristics of the banking and financial sectors in islands and small states, and focuses on three main areas: the general financial environment; offshore financial centres; and banking and financial regulation. The main emphasis is on territories where banking and financial activity make a substantial contribution to gross domestic product.
Download or read book Offshore Finance and Small States written by William Vlcek and published by Palgrave MacMillan. This book was released on 2008-07-11 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book contributes to wider debates involving globalization, development and international finance with its analysis of the under-researched topic of offshore finance."--BOOK JACKET.
Download or read book Competition among Financial Centres in Asia Pacific written by Soogil Young and published by Institute of Southeast Asian Studies. This book was released on 2009 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents include an overview and policy recommendations; case studies which include Australian content; international perspectives; and issues and findings.
Download or read book From Multilateral to Unilateral Lines of Attack written by Iris H-Y. Chiu and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Many microstates have an economic model that attracts global incorporations and/or finance, as plugging into the global economy is important for microstates that have small domestic economies. However, microstates often offer low business and corporation taxes or lax regulatory regimes to compete in the fiercely competitive global market, therefore criticised as offering havens, engaging in harmful tax competition and leading a race to the bottom. Although international efforts such as led by the OECD and FATF (Financial Action Task Force) have secured an extent of co-operation from such microstates, their position remains an uneasy one in the international legal order, as they engage in regulatory competition with onshore jurisdictions and with each other. Post global financial crisis 2007-9, a slew of aggressive extra-territorial legislation in the area of taxation and finance has been introduced by a number of powerful jurisdictions to bring a new onslaught onto microstates' economic models. This article argues that the US, EU and UK are leading such a move from the traditional multilateral approaches to governing microstates' role in regulatory competition to unilateral approaches that are more overtly antagonistic to microstates' economic models in offshore tax and finance. This article examines why such a move has occurred, and the confluence of driving factors for such a move. This article examines the key unilateral measures, ie the rise of automatic information reporting regimes such as the US FATCA, the more modest EU equivalent, the UK's new corporate reporting and tax enforcement regimes, and the EU's reforms in financial regulation. We also see an incremental trend in such unilateral strategies giving rise to more coordinated multilateral adoption of such strategies. Based on a consultancy project the author has led in 2015, we have gained first-hand insights into policy-making at a microstate which is facing the challenges described above. Microstates offering the old models of tax and financial services are at the cusp of change. However, they have little choice but to continue to try and thrive in global economic competition. We provide some reflections on microstates' continuing role in regulatory competition in the changing international legal order.
Download or read book The Role of offshore Centers in International Financial Intermediation written by Marcel Cassard and published by International Monetary Fund. This book was released on 1994-09-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Download or read book The Prospects for Offshore Financial Centres in Europe written by Mattias Levin and published by Ceps. This book was released on 2002 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Financial Regulation written by Howard Davies and published by Polity. This book was released on 2008-05-19 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: As international financial markets have become more complex, so has the regulatory system which oversees them. The Basel Committee is just one of a plethora of international bodies and groupings which now set standards for financial activity around the world, in the interests of protecting savers and investors and maintaining financial stability. These groupings, and their decisions, have a major impact on markets in developed and developing countries, and on competition between financial firms. Yet their workings are shrouded in mystery, and their legitimacy is uncertain. Here, for the first time, two men who have worked within the system describe its origins and development in clear and accessible terms. Howard Davies was the first Chairman of the UK's Financial Services Authority, the single regulator for the whole of Britain's financial sector. David Green was Head of International Policy at the FSA, after spending thirty years in the Bank of England, and has been closely associated with the development of the current European regulatory arrangements. Now with a revised and updated introduction, which catalogues the changes made since the credit crisis erupted, this guide to the international system will be invaluable for regulators, financial market practitioners and for students of the global financial system, wherever they are located. The book shows how the system has been challenged by new financial instruments and by new types of institutions such as hedge funds and private equity. Furthermore, the growth in importance of major developing countries, who were excluded for far too long from the key decision-making for a has led to a major overhaul. The guide is essential reading for all those interested in the development of financial markets and the way they are regulated. The revised version is only available in paperback.
Download or read book The Impact of Offshore Financial Centers on International Financial Markets written by Söhnke M. Bartram and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Offshore centers have come to play an important role in the institutional structure of international financial markets. The article identifies two dimensions of dynamic competition that are relevant for an analysis of the offshore center phenomenon. First, there is competition between the offshore centers and one or more domestic financial markets. Second, there is dynamic competition among the offshore centers. The system of offshore centers generates a three-tier structure of international financial markets: domestic, foreign traditional, and offshore markets, both with respect to financial intermediaries as well as securities markets. This structure constitutes the institutional base for trends in the international financial markets which result in a process of increasing globalization.
Download or read book On the Use and Abuse of Standard for Law written by Richard K. Gordon and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current trends in international legal scholarship have shifted from a paradigm of state actors working within recognized sources of international law to one that includes networks of domestic regulators that develop and implement best practices or standards on a global basis. The new paradigm can be seen in operation in the efforts by onshore jurisdictions (most of which are financial centers themselves) to restrict the activities of offshore financial centers. Onshore jurisdictions enlisted these regulatory networks, as well as key international organizations, such as the Organisation for Economic Co-operation and Development and the International Monetary Fund, to advance new standards for income taxation, prudential regulation, and money laundering in offshore centers. By 2005, offshore centers' compliance with financial, regulatory, and money laundering standards was largely complete, while there was less success with income tax standards. The current financial crisis, however, has spurred renewed efforts, particularly with respect to the latter. An analysis of this experience suggests that the new paradigm should view regulatory networks in the context of a complex system of states and international organizations that possess the qualities of such regulatory networks. A system of global governance that includes both regulatory networks and these international organizations advances fairness and objectivity and, in particular, may protect weak states from the coercive power of the stronger.
Download or read book International Financial Regulation and Offshore Financial Centers written by Louis Régis Claude Tournier and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
