Re-Imagining Offshore Finance: Market-Dominant Small Jurisdictions in a Globalizing Financial World

Author: Christopher M. Bruner
Publisher: Oxford University Press
ISBN: 9780190466879

Published In: January 2017
Format: Hardback
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only
Paperback Edition ISBN: 9780190930950

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Description
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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.

List of Figures

Preface

PART I: SMALL JURISDICTIONS IN CROSS-BORDER FINANCE

Chapter 1: Introduction and Overview

Chapter 2: Conceptualizing the Role of Small Jurisdictions

A. Whither Globalization?

B. Theorizing Small Jurisdictions

i. Tax Havens

ii. Offshore Financial Centers

iii. Micro-States and Global Cities

iv. English Legal Origins

C. Capital Mobility and Regulatory Competition