Offshore Strategies in Global Political Economy: Small Islands and the Case of the EU and OECD Harmful Tax Competition Initiatives

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Abstract

This article investigates how recent attempts by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD) to clamp down on harmful tax competition will affect small island economies with offshore financial centres (OFCs). It argues that although there are legitimate concerns about the initiatives, the likelihood that small island OFCs will disappear is remote. A confluence of factors have forced the EU and OECD to dilute their original proposals to the extent that while some marginal OFCs may be driven out of existence, more sophisticated OFCs will be unharmed and may even benefit from this supposed regulatory offensive.
Original languageEnglish
Pages (from-to)685-699
Number of pages15
JournalCambridge Review of International Affairs
Volume19
Issue number4
Early online date22 Dec 2006
DOIs
Publication statusPublished - 2006

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taxes
OECD
political economy
economy

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title = "Offshore Strategies in Global Political Economy: Small Islands and the Case of the EU and OECD Harmful Tax Competition Initiatives",
abstract = "This article investigates how recent attempts by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD) to clamp down on harmful tax competition will affect small island economies with offshore financial centres (OFCs). It argues that although there are legitimate concerns about the initiatives, the likelihood that small island OFCs will disappear is remote. A confluence of factors have forced the EU and OECD to dilute their original proposals to the extent that while some marginal OFCs may be driven out of existence, more sophisticated OFCs will be unharmed and may even benefit from this supposed regulatory offensive.",
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