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The Storm-Impervious Financial Sector: Offshore Services Likely Booked Abroad

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  • Jakob Miethe

Abstract

The high international capital positions of offshore financial centers (OFCs) have led to increasing research in the area. However, many unanswered questions remain, as OFC activities are secretive by nature and data is sparse. It is, for example, not even clear whether the financial industry actually physically operates on OFCs or if it artificially books services from other countries. Using a new research approach that examines the effects of extreme storm events such as Hurricane Irma on local conditions and financial service activities on small islands, this paper shows that offshore services are likely booked primarily from other countries. If this is the case, the current approach of regulating offshore financial services through regulation targeting the offshore financial center is inherently limited.

Suggested Citation

  • Jakob Miethe, 2020. "The Storm-Impervious Financial Sector: Offshore Services Likely Booked Abroad," DIW Weekly Report, DIW Berlin, German Institute for Economic Research, vol. 10(43/44/45), pages 435-443.
    • Handle: RePEc:diw:diwdwr:dwr10-43-1
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    More about this item

    Keywords

    Offshore finance; international capital flows; natural disasters; tax havens;
    All these keywords.

    JEL classification:

    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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