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

265 Pages·2016·2.651 MB·English

by  Bruner, Christopher M

Re- Imagining Offshore Finance

Re- Imagining Offshore Finance
MARKET- DOMINANT SMALL JURISDICTIONS
IN A GLOBALIZING FINANCIAL WORLD
Christopher M. Bruner
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© Christopher M. Bruner 2016
First Edition published in 2016
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Library of Congress Cataloging- in- Publication Data
Names: Bruner, Christopher M, 1972- author.
Title: Re-imagining offshore finance : market-dominant small jurisdictions in
a globalizing financial world / Christopher M. Bruner.
Description: New York : Oxford University Press, 2016. | Includes bibliographical
references and index.
Identifiers: LCCN 2016003368 | ISBN 9780190466879 ((hardback) : alk. paper)
Subjects: LCSH: International business enterprises—Law and legislation. |
Financial institutions, International—Law and legislation.
Classification: LCC K1322 .B78 2016 | DDC 346.09—dc23 LC record available at
https://lccn.loc.gov/2016003368
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For my parents, Richard and Sharon Bruner

Contents
List of Figures ix
Preface xi
Part one | Small Jurisdictions in Cross- Border Finance
1. Introduction and Overview 3
2. Conceptualizing the Role of Small Jurisdictions 15
A. Whither Globalization? 16
B. Theorizing Small Jurisdictions 18
i. Tax Havens 19
ii. Offshore Financial Centers 23
iii. Microstates and Global Cities 25
iv. English Legal Origins 28
C. Capital Mobility and Regulatory Competition 30
Part two | Market- Dominant Small Jurisdictions (MDSJs)
3. What Is an MDSJ? 41
A. An Ideal Type 41
B. Comparative Methods 49
4. Bermuda 51
A. Bridging the Atlantic 52
B. (Re)Insurance and “Captives” 59
5. Dubai 69
A. The Crossroads of Europe, Africa, and Asia 70
B. Islamic Finance 84
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6. Singapore 111
A. East Meets West 112
B. Wealth Management 123
7. Hong Kong 133
A. The Gateway to China 134
B. Mainland Finance 140
8. Switzerland 161
A. At the Heart of Europe 161
B. Cross- Border Banking 165
9. Delaware 175
A. Mediating Financial and Political Power 175
B. Business Entity Registration 179
Part three | MDSJs and other Financial Centers
10. Failed Small Jurisdictions and Successful Large Jurisdictions 191
A. Revisiting the Ideal Type 191
B. Failed Small Jurisdictions 192
C. Successful Large Jurisdictions 202
11. Conclusions 221
Index 237
List of Figures
2.1 Small Jurisdictions in Cross- Border Finance: Extant Theories 16
2.2 Case Studies: Market- Dominant Small Jurisdictions 18
3.1 Ideal Type of Market- Dominant Small Jurisdiction 42
4.1 Captive Insurance Domiciles: Captive Licenses, 2015 60
5.1 Islamic Finance by Segment, 2013 85
5.2 Top Sukuk Listing Venues, 2015 106
6.1 Asian Dollar Market: Total Assets/ Liabilities, 2006– 2015 120
6.2 Singapore Financial Institutions: Assets under Management, 2005– 2014 128
7.1 Mainland Enterprises Trading on the HKEx, 2006– 2015 152
7.2 Renminbi Payments with China and Hong Kong, 2012 v. 2015 155
8.1 Global Private Banks: International Client Assets, 2010 Rankings 167
9.1 Delaware Division of Corporations General Fund Contributions, 2009–2014 177
9.2 New Business Entity Formations in Delaware, 2006– 2014 186
10.1 Nauru and the Netherlands Antilles: Deviations from the Ideal Type 193
10.2 Global Financial Centres Index, 2016 Rankings 204
11.1 Financial Secrecy Index, 2015 Rankings 229
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