Hampton, Mark P., Christensen, John (1999) Treasure Island Revisited. Jersey’s Offshore Finance Centre Crisis: implications for other Small Island Economies. Environment and Planning A, 31 (9). pp. 1619-1637. ISSN 0308-518X. (doi:10.1068/a311619) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:23050)
The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided. | |
Official URL: http://www.envplan.com/abstract.cgi?id=a311619 |
Abstract
Jersey appears to be a successful offshore finance centre (OFC) with high levels of gross
domestic product per capita. The OFC is the largest contributor to Jersey's tax revenue, and accounts
for about 20% of local employment. Jersey has become a major OFC in a global industry and is a
conduit for sizeable capital flows. However, an unparalleled crisis in 1996 generated international
media interest. The crisis involved three separate but related issues: a US $26 million fraud; the fasttracking
of Limited Liability Partnership legislation through the island's parliament; and a political
crisis resulting in the unprecedented expulsion of an outspoken Senator from the parliament. The
anatomy of this crisis reveals several causes of concern for other OFC hosts, especially regulatory
failure and the overlap of interests between the local political elite and those of international financial
capital. We examine the changing international perceptions of 'offshore', question the need for bank
secrecy, and consider Jersey's role as legitimiser for other OFCs. In addition, we discuss lessons for
other OFC hosts, including the need for efficient regulation, the impacts of OFCs in small economies;
and demonstrate that the costs of hosting an OFC are now significantly higher than was first realised.
Item Type: | Article |
---|---|
DOI/Identification number: | 10.1068/a311619 |
Subjects: |
J Political Science J Political Science > JC Political theory H Social Sciences > HB Economic Theory G Geography. Anthropology. Recreation |
Divisions: | Divisions > Kent Business School - Division > Department of Leadership and Management |
Depositing User: | Mark Hampton |
Date Deposited: | 05 Nov 2009 11:49 UTC |
Last Modified: | 05 Nov 2024 10:02 UTC |
Resource URI: | https://kar.kent.ac.uk/id/eprint/23050 (The current URI for this page, for reference purposes) |
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