Sixties Child? The emergence of Jersey as an Offshore Finance Centre 1955-71.

Hampton, Mark P. (1996) Sixties Child? The emergence of Jersey as an Offshore Finance Centre 1955-71. Accounting, Business & Financial History, 6 (1). pp. 51-71. ISSN 0958-5206. (The full text of this publication is not available from this repository)

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Abstract

This paper addresses why the relatively unknown island of Jersey emerged as a major Offshore Finance Centre (OFC) during the 1960s. Was the OFC purely the result of the context of the 1960s and the significant changes in international banking, especially in London? In other words, was Jersey just a child of its times or was there more involved? Orthodox international banking theory would suggest that the location of OFCs is based upon issues of taxation or regulatory differentials, bank secrecy and political stability. However, this paper uses a materialist, fractions of capital approach to analyse the political economy of the onshore state and its specific relationship to its dependent island territories. This paradoxical political relationship underpins the feasibility of OFCs. Arguably, UK financial capital had reached hegemony by the 1960s, giving it the effective regulatory and fiscal 'space' for banking innovation as first manifested in the London offshore currency markets (Eurocurrencies), and then later in the concomitant emergence of small island OFCs such as Jersey.

Item Type: Article
Uncontrolled keywords: tax havens; offshore finance; intemational banking; financial services; island economies
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HB Economic Theory
J Political Science > JC Political theory
Divisions: Faculties > Social Sciences > Kent Business School
Depositing User: Mark Hampton
Date Deposited: 06 Nov 2009 14:11
Last Modified: 21 May 2014 14:36
Resource URI: http://kar.kent.ac.uk/id/eprint/23054 (The current URI for this page, for reference purposes)
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