Conceptualizing the Role of Small Jurisdictions

Christopher M. Bruner

in Re-Imagining Offshore Finance

Published in print January 2017 | ISBN: 9780190466879
Published online December 2016 | e-ISBN: 9780190466909 | DOI:
Conceptualizing the Role of Small Jurisdictions

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A number of literatures have addressed the role of small jurisdictions in cross-border finance, or spoken generally to the market terrain they inhabit. This chapter discusses a number of theoretical frameworks, evaluating their capacity to account for the range of small jurisdictions achieving market dominance in cross-border finance. It begins with the globalization literature and then turns to various characterizations applied to small jurisdictions, including tax havens, offshore financial centers, microstates, and global cities. Finally, the chapter assesses the English legal origins of many such jurisdictions. Bruner concludes that none of these theoretical frameworks can accommodate the range of salient features exhibited by those small jurisdictions achieving global dominance in cross-border finance. Each, however, offers important insights contributing to the alternative framework developed in this book.

Keywords: globalization; tax havens; offshore financial centers; microstates; global cities; English legal origins; capital mobility; regulatory competition

Chapter.  10527 words.  Illustrated.

Subjects: Company and Commercial Law ; Comparative Law

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