Nobody downloaded yet

Non-Sovereign small islands in the international economy - Essay Example

Comments (0) Cite this document
Summary
Non-Sovereign Small Islands in the International Economy Introduction Since the late 1960s, pursuing a goal of developing and diversifying its economies, many small islands have grasped the opportunity to develop offshore financial services in their states…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.8% of users find it useful
Non-Sovereign small islands in the international economy
Read TextPreview

Extract of sample "Non-Sovereign small islands in the international economy"

Download file to see previous pages Generally speaking, the OFCs were accused in undermining the stability and inviolability of the global financial system. To manage the situation, a group of initiatives were taken by the Financial Stability Forum, the International Monetary Fund, the Organisation for Economic Co-operation and Development (OECD), the European Union and the Financial Action Task Force (Woodward 686). In addition to the development of small islands as offshore financial centres, there are some other examples of cases when many small islands have exceeded in small-scale, high-value service and product-niching in various fields of economic activities, including: finance and banking, brokerage, tourism and hospitality (Baldacchino 254). This paper is focused on the research the small islands, performing an important role in the international economy and on the global arena. The more detailed analysis is carried out for the British Isle’s Crown dependencies: the Isle of Man, and the Channel Islands of Jersey and Guernsey, as well the Prince Edward Island. The Financial Services Sector: the Isle of man, the Channel Islands and New "Havens"Among Developing Small Islands There are many various definitions of the offshore, which is the evidence of the challenges which many scholars and economists face in attempt to explain this concept precisely. For example, Palan defines the offshore as a “special territorial or juridical enclave”, in which regulation or taxation in the state is either partially or fully withheld (cited by Payne 627-628). While significant stress in the definition of the offshore falls on the territorial dimension, juridical properties is what really matters. Richard Woodward clarifies this view by the statement: “offshore is a legal as well as physical domain; where an activity takes place is secondary to the rules under which it takes place” (cited by Payne 628). Even though there are some slight variations in definitions, offshore financial centres have a set of common characteristics. The offshore financial centers can be characterized by the following attributes: minimal taxes or tax free; bank anonymity and secrecy laws at a high level, a high number of financial institutions, which serve mainly non-residents; flexibility of use of various company structures, the proportions of financial systems are exceeding needs of the domestic economy, light financial regulation (Levin 2), protection of the secrecy of transactions and few or no restrictions of financial transactions (Palan 155). The most successful OFCs are characterized also by stable economic and political climate, support from of a large international financial market, money laundering or drug money scandals free, availability of agreements for avoiding double-taxation with major countries, and are easily reached due to established information-exchange facilities (Palan 156). Referring back to the last item, many OFCs are developing laws and investing in telecommunications for attracting e-commerce providers (Levin 5). Obviously, telecommunications and IT is a very important factor that enables OFCs to respond to the needs of their customers and operatively react to external changes. Financial centres can be distinguished by many different ways. Thus, for example, International Monetary Fund (n.p.) has developed its own way of differentiation of the financial centers by splitting those into three categories: 1. International financial centres (IFCs) – are large internation ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Non-Sovereign small islands in the international economy Essay”, n.d.)
Retrieved de https://studentshare.org/environmental-studies/1490431-non-sovereign-small-islands-in-the-international
(Non-Sovereign Small Islands in the International Economy Essay)
https://studentshare.org/environmental-studies/1490431-non-sovereign-small-islands-in-the-international.
“Non-Sovereign Small Islands in the International Economy Essay”, n.d. https://studentshare.org/environmental-studies/1490431-non-sovereign-small-islands-in-the-international.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Non-Sovereign small islands in the international economy

The International Economy

...commodities only. References Barro, R. 1998. Determinants of Economic Growth: A Cross-Country Empirical Study. MIT Press. Blandford, D. 2007. How to Increase the Benefits of the Doha Development Round for the Least Developed Countries. In: Niek, k., Per, P. (eds). Agricultural Trade Liberalization and the Least Developed Countries. Netherlands: Springer. Collier, P., Dollar, D. 2002. Globalization, Growth, and Poverty: Building an Inclusive World Economy. Washington, DC: The World Bank. DEPweb. 2004. Beyond Economic Growth: An Introduction to Sustainable Development. 2edn. Washington, DC: The World Bank. http://www.worldbank.org/depweb/english/beyond/global/ (Accessed Nov, 22, 2011). International...
7 Pages(1750 words)Essay

The International Dispute in the Spratly Islands

...?The International Dispute in the Spratly Islands The international dispute in the South China Sea, particularly over the control of the Spratly Islands, has been brewing for quite a time already. The issue first gained prominence in the 1970s when China and Vietnam had a rift as both laid claims to the Paracel Islands. Soon, several other countries began to insist possession of the several other tiny atolls and islands in the region. From the 1990s until the current times, the international dispute continues. There were instances when the risks of armed confrontation became more serious, a result of the fact that each of the claimants have stationed troops in the islands and atolls that they have claimed as theirs respectively... of the...
5 Pages(1250 words)Essay

Galapagos islands

...best, precisely as Darwin would have expected. The government of Ecuador began protecting areas of the islands in 1935 which began an era of conservation instead of continued and blatant exploitation as it had been. The three types of mammals that lived on the islands were already extinct by then. Ship crews had introduced farm animals that have devastated indigenous species either by killing them or eating their food. Though government protection did not undue the damage it recognized in an official capacity that the islands were one of the most special places on earth. Because of worldwide interest in the Galapagos Islands, more then 60,000 tourists visit each year....
6 Pages(1500 words)Research Paper

International Political Economy

...concentrated on their internal policies at the expense of global economy. Basically, both international business activities and capital flows reduced like never before. During the First World War nation-states had technically steered clear from the gold standard. Only the United States saw its significance, albeit temporarily, especially in mid-1920s. Notably, within the first half of 1930s, the common standard was basically a disjointed system of using exchange rates. Forbes noted that in this period, major global economic powers such as Great Britain and the United States realized that the internationally accepted gold standard practically deviated from the widely acceptable national...
7 Pages(1750 words)Research Paper

Sovereign wealth funds. International Finance

.... Thus, for companies being purchased more capital means more money for research and development, possible expansion and diversification, and more money to pay salaries. Many countries have seen their economy being boosted considerably as a result of SWFs where per capita income has known a non-negligible rise. The investing government sometimes uses the SWFs in order to stabilize the balance of payment preventing the flooding away of capital obtained on commodity items exported. Next generations wealth is therefore guaranteed in the simple sense that profit incurred and return on invested amount can be escalated over years, as investment are usually on a long term basis Financial stability...
8 Pages(2000 words)Essay

International and Non International Armed Conflict

...intensity and which are unlikely to be adequately covered by the law of armed conflict (Shaw, 2003, Pp. 1075 – 1076). International and NonInternational Armed Conflict in Contemporary International Humanitarian Law Historically, a distinction has existed in international humanitarian law between conflicts that are international or noninternational. International armed conflict refers to conflict between two or more states. However, noninternational armed conflict refers to any conflict that is taking place within the borders of a...
21 Pages(5000 words)Essay

International Monetary Economy

...International Monetary Economy iTune price in U.S is $0.99 PPP= Price in Australia/ Price in U.S 69/0.99 70. PPP exchange rate between the U.S and Australia is 1.70. Comparing the Purchasing Power Parity with the exchange rate of $1=1.33 Australian Dollar, therefore, the PPP is almost similar, but not exact, to the exchange rate. The value of the Australian currency dollar is almost equal to the American dollar. This shows that the Australian consumers and the American consumers have an equal PPP with their respective currencies. The exchange rate between Australia and America will be stable (Tanzi and Gupta 141). iTunes price in the U.S is 0.99 PPP= Price in Canada/Price in U.S=0.99/0.99=1, PPP exchange...
3 Pages(750 words)Assignment

Small Non-profit Budgeting

...Small Non-profit Budgeting Abstract An operational budget is a financial strategy of action that is prepared for a particular period of time. It is the projected cost of operations that are displayed in financial terms. An important component that is displayed in non-profit sustainability is the obligation of both the staff and board to a solid financial management and planning. It is also important to ensure that everyone on board is on the same page. Budgeting puts together a financial plan that is realistic for the non-profit organization. The board for the non-profit organization must come up with a plan mainly by setting the goals and defining the priorities. The goals and priorities are outlined in the strategic plan... . The...
4 Pages(1000 words)Coursework

International Political Economy

...economic model involves the ownership of the state of all modes of production from land, labour, capital to technology where private ownership is prohibited. It does resemble to Marxist’s close kin which is fascism where the owners of the modes of production are required to use their properties in the national interest and the products that will be produced are dictated by one autocratic party (Richman, 2008). There may be just one party that rules in China but it is still not enough to qualify it as a fascist nor a Marxist government and economic system. It can be more aptly classified as nationalist economy where private ownership and foreign capital is allowed for as long as it is beneficial to the...
3 Pages(750 words)Essay

International political economy

...International political economy The current sanction that have been propagated by the West on Russia, have got their own toll on the trade, fiscal and corporate policies of Russia. A fierce debate has already been generated in Washington D.C following the approach that the sanction by Mr. Obama has taken. The same application of sanctions have been adopted by European countries by responding with tough rhetoric thus, triggering the question, what else needs to be done to contain Russian on its front towards Ukraine? Considering the corporate policy, it would be arguable that the most obvious way by which the sanctions against Russia could be fronted is through the exertion of further diplomatic pressure....
1 Pages(250 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Non-Sovereign small islands in the international economy for FREE!

Contact Us