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Offshore Finance and Small StatesCaribbean Offshore Finance Under Pressure

Offshore Finance and Small States: Caribbean Offshore Finance Under Pressure [The above epigram resonates with an analogy used by free market/free trade advocates, that a rising tide raises all boats. What is ignored by that analogy is the turbulence present in the tidal flow (which can vary based on other environmental factors), along with the turbulence created by the passage of larger ships in the global economic tidal basin as they move by the small boats of developing economies. As discussed in the previous chapter, the Commonwealth sought to assist its small state members in dealing with the additional turbulence generated by the Organization for Economic Co-operation and Development (OECD) and its project against harmful tax competition. In this chapter, the focus turns to several of the Caribbean jurisdictions themselves. There are sixteen offshore financial centers (OFCs) in the Caribbean, along with the North Atlantic island of Bermuda, which is often grouped together with the Caribbean OFCs in studies of global finance (Errico and Musalem, 1999: p. 11). Eight of these financial centers are sovereign states: Antigua and Barbuda, the Bahamas, Barbados, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. The remaining OFCs are located in non-self governing jurisdictions, six British (Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Montserrat, and the Turks and Caicos Islands), two Dutch (the Netherlands Antilles and Aruba), and the United States-associated Commonwealth of Puerto Rico.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Offshore Finance and Small StatesCaribbean Offshore Finance Under Pressure

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Publisher
Palgrave Macmillan UK
Copyright
© Palgrave Macmillan, a division of Macmillan Publishers Limited 2008
ISBN
978-1-349-35693-5
Pages
111 –143
DOI
10.1057/9780230234925_6
Publisher site
See Chapter on Publisher Site

Abstract

[The above epigram resonates with an analogy used by free market/free trade advocates, that a rising tide raises all boats. What is ignored by that analogy is the turbulence present in the tidal flow (which can vary based on other environmental factors), along with the turbulence created by the passage of larger ships in the global economic tidal basin as they move by the small boats of developing economies. As discussed in the previous chapter, the Commonwealth sought to assist its small state members in dealing with the additional turbulence generated by the Organization for Economic Co-operation and Development (OECD) and its project against harmful tax competition. In this chapter, the focus turns to several of the Caribbean jurisdictions themselves. There are sixteen offshore financial centers (OFCs) in the Caribbean, along with the North Atlantic island of Bermuda, which is often grouped together with the Caribbean OFCs in studies of global finance (Errico and Musalem, 1999: p. 11). Eight of these financial centers are sovereign states: Antigua and Barbuda, the Bahamas, Barbados, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. The remaining OFCs are located in non-self governing jurisdictions, six British (Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Montserrat, and the Turks and Caicos Islands), two Dutch (the Netherlands Antilles and Aruba), and the United States-associated Commonwealth of Puerto Rico.]

Published: Sep 12, 2015

Keywords: Mutual Fund; Small State; Cayman Island; Financial Action Task Force; British Virgin Island

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