Re-imagining offshore finance market-dominant small jurisdictions in a globalizing financial world

By:

Bruner, Christopher M

Contributor(s):

Material type: Text

TextPublication details: New York Oxford University Press 2019Description: xii, 245 pISBN:

9780190930950

DDC classification:

346.09 BRU

Summary: Description 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(s) this item appears in: Finance & Accounting | IT & Decision Sciences

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Item type	Current library	Collection	Call number	Copy number	Status	Date due	Barcode
Book	Indian Institute of Management LRC General Stacks	Finance & Accounting	346.09 BRU (Browse shelf(Opens below))	1	Available		003762

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Previous	343.052 MIT Concept building approach to income tax law and practice	343.056 SAH Concept building approach to goods and services tax (GST), and customs law	346 DAH Research handbook on secured financing in commercial transactions	346.09 BRU Re-imagining offshore finance	346.0922 WIT Corporate governance and responsible investment in private equity	346.54082 IND Legal and regulatory aspects of banking	352.38091724 DUN Information, accountability, and cumulative learning	Next

Table of Contents
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
PART II: MARKET-DOMINANT SMALL JURISDICTIONS (MDSJs)
Chapter 3: What Is an MDSJ?
A. An Ideal Type
B. Comparative Methods
Chapter 4: Bermuda
A. Bridging the Atlantic
B. (Re)Insurance and "Captives"
Chapter 5: Dubai
A. The Cross-Roads of Europe, Africa, and Asia
B. Islamic Finance
Chapter 6: Singapore
A. East Meets West
B. Wealth Management
Chapter 7: Hong Kong
A. The Gateway to China
B. Mainland Finance
Chapter 8: Switzerland
A. At the Heart of Europe
B. Cross-Border Banking
Chapter 9: Delaware
A. Mediating Financial and Political Power
B. Business Entity Registration
PART III: MDSJs AND OTHER FINANCIAL CENTERS
Chapter 10: Failed Small Jurisdictions and Successful Large Jurisdictions
A. Revisiting the Ideal Type
B. Failed Small Jurisdictions
C. Successful Large Jurisdictions
Chapter 11: Conclusions
Index

Description
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.

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