Sunshine and Shadows; Prospects  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 406 no. 8823 (Feb. 2013), page SS15-SS16.
Topik: Tax Havens; Globalization; Tourism; Financial Services; International; Emerging Markets

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.75 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Last year Timothy Ridley, a Cayman-based offshore grandee, mused publicly on whether OFCs would thrive over the next decade or might "go back to tourism, fishing and rope-making...until global climate change finally sinks them". He foresaw three possible scenarios: "doomsday", a catastrophic decline as countries introduced policies that eliminated the need to use havens, such as sharp tax cuts; "nirvana", the continued growth of such centres, driven by increased financial globalisation and continued regulatory and tax arbitrage; and "curate's egg", a mix of the other two, in which some flourish and others wither amid stop-start efforts by big countries to whittle away the advantages they offer. The third, Mr Ridley concluded, was the most likely. In 2009, when the G20 seemed determined to bring tax havens down, that prediction would have looked optimistic. Now it seems about right. By and large, offshore centres have been spared the invidious choice they were supposed to be facing: embrace regulatory standards that undercut their main selling points, or reject them and be locked out of major markets. They have proved adaptable, finding new clients in emerging markets and carving out new product niches, some of them outside finance. Mauritius, for instance, hopes to become an international arbitration centre. Cayman has set up a special economic zone to develop medical tourism.

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