The Impact of Offshore Financial Centers on International Financial Markets

Reproduced by permission of the Publisher, from Thunderbird International Business Review. Vol. 39 (5), September/October pp. 535-579 Copyright 1997 John Wiley & Sons, Inc.

WBS Finance Group Research Paper No. 12

Posted: 11 Feb 2002

See all articles by Söhnke M. Bartram

Söhnke M. Bartram

University of Warwick; Centre for Economic Policy Research (CEPR)

Gunter Dufey

Stephen M. Ross School of Business at the University of Michigan ; Nanyang Technological University (NTU) - Centre for Research in Financial Services (CREFS)

Abstract

Offshore centers have come to play an important role in the institutional structure of international financial markets. The article identifies two dimensions of dynamic competition that are relevant for an analysis of the offshore center phenomenon. First, there is competition between the offshore centers and one or more domestic financial markets. Second, there is dynamic competition among the offshore centers. The system of offshore centers generates a three-tier structure of international financial markets: domestic, foreign traditional, and offshore markets, both with respect to financial intermediaries as well as securities markets. This structure constitutes the institutional base for trends in the international financial markets which result in a process of increasing globalization.

Keywords: offshore centers, financial markets, international finance, financial institutions

Suggested Citation

Bartram, Söhnke M. and Dufey, Gunter, The Impact of Offshore Financial Centers on International Financial Markets. Reproduced by permission of the Publisher, from Thunderbird International Business Review. Vol. 39 (5), September/October pp. 535-579 Copyright 1997 John Wiley & Sons, Inc., WBS Finance Group Research Paper No. 12, Available at SSRN: https://ssrn.com/abstract=295640

Söhnke M. Bartram (Contact Author)

University of Warwick ( email )

Warwick Business School
Finance Group
Coventry, CV4 7AL
United Kingdom
+44 (24) 7657 4168 (Phone)
+1 425 952 1070 (Fax)

HOME PAGE: http://go.warwick.ac.uk/sbartram/

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Gunter Dufey

Stephen M. Ross School of Business at the University of Michigan ( email )

701 Tappan Street
CSIB
Ann Arbor, MI 48109-1234
United States
650-249-3483 (Fax)

Nanyang Technological University (NTU) - Centre for Research in Financial Services (CREFS)

Nanyang Avenue
Banking and Finance
Singapore 639798
Singapore

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