Offshore Finance Centres and Tax Havens: The Rise of Global by Mark P Hampton

By Mark P Hampton

Offshore finance has remodeled many small jurisdictions into excessive source of revenue economies and has facilitated the expansion of world monetary markets, deregulation and the convergence of monetary rules all over the world. in spite of the fact that, the volatility and fickle nature of worldwide capital has additionally develop into obvious. This significant new multi-disciplinary and foreign assortment explores the advance of offshore finance and is an exceptionally important source for all these contemplating the problems concerned with this crucial area.

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1982) 'Towards a Theory of Free Economic Zones', Welwirtschaftliches Archiv, vol. 118, pp. 39-61. P. (1994) 'Treasure Islands or Fool's Gold? ', World Development, vol. 22, no. 2. 237-50. P. (1996) The Offshore Interface. Tax Havens in the Global Economy. Macmillan, Basingstoke. Hutton, W. (1998) Leader, The Observer, 16 August, p. 22. Jayanthakumaran, K. and Weiss, J. (1997) 'Export Processing Zones in Sri Lanka: A Cost-Benefit Approach', Journal of International Development, vol. 9, no. 5, pp.

I am not suggesting that offshore has not, and will not, affect the state: clearly it does. I am proposing however that from a narrow juridical and political perspective, market integration can proceed in a specially defined realm of offshore almost without hindrance. Offshore therefore captures simultaneously two sets of instrumental realities. It is a case of having your cake and eating it: maintaining the state system, as organiser and mediator of conflict and tension, and yet removing the threat of regulation and taxation associated with the state - all done in the name of and by the state system itself.

Certificates of Deposit (CDs) are short-term negotiable instruments issued by banks with terms of maturity mostly of up to one year. They were originated as the response of New York's commercial banks which were losing ground to savings banks (Harrington, 1992), and were essentially an imaginative response to the constraints imposed on them. They essentially gave banks confined to the short-term money market an entry into the long-term capital market. Forays into offshore business led American and Canadian banks to develop neighbouring tax havens in the Caribbean (Naylor, 1987).

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