Offshore Pariahs? Small Island Economies, Tax Havens and the Re-configuration of Global Finance

Hampton, Mark P. and Christensen, John (2002) Offshore Pariahs? Small Island Economies, Tax Havens and the Re-configuration of Global Finance. World Development, 30 (9). pp. 1657-1673. ISSN 0305-750X. (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)

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Abstract

The stock of wealth held offshore is estimated at US$6 trillion. Many small island economies (SIEs) host offshore finance centers, and some SIEs are highly dependent upon offshore finance. Extreme examples have over 90% of government revenues derived from finance sector activities. Since 1998 a series of international initiatives have been launched to combat harmful tax practices, money laundering, and inadequate financial regulation. These initiatives will transform the economies of many SIEs. This paper explores the dependence of many SIEs upon offshore finance and the barriers to diversification arising from their smallness and unique political economies.

Item Type:	Article
Uncontrolled keywords:	offshore finance centers, economic development, small states, island economies
Subjects:	H Social Sciences J Political Science > JZ International relations H Social Sciences > HB Economic Theory
Divisions:	Faculties > Social Sciences > Kent Business School
Depositing User:	Mark Hampton
Date Deposited:	08 Sep 2008 17:52 UTC
Last Modified:	21 May 2014 14:35 UTC
Resource URI:	https://kar.kent.ac.uk/id/eprint/3575 (The current URI for this page, for reference purposes)