The Offshore Services Industry in the Caribbean: A Conceptual and Sub-regional Analysis
AbstractThe proliferation of offshore centres in the Caribbean is providing recourse for the precipitate decline of national revenue and terms-of-trade for Caribbean primary commodity exporting nations. This is particularly the case in the Windward Islands, which have traditionally relied on banana exports. The article contends, therefore, that the development of offshore sector frameworks constitute deliberate public policy-making aimed at crafting a revised national development dynamic as well as economic diversification imperatives in the region. This represents an important shift in approaches to national development planning--especially amongst emerging offshore jurisdictions like Grenada and the Commonwealth of Dominica. This article maintains, however, that while Caribbean islands especially in the Organization of Eastern Caribbean States (OECS) sub-region are attempting to harness a strategic growth industry as a principal agent in national and subregional economic transformation, it is premature for OECS policy-makers to view the offshore sector as replacing the agricultural sector at least in the short- to medium-term. This argument is advanced through an explicit review of the offshore banking and international business companies (IBC) sub-sectors of Dominica's offshore services regime.
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Bibliographic InfoArticle provided by Queensland University of Technology (QUT), School of Economics and Finance in its journal Economic Analysis and Policy (EAP).
Volume (Year): 31 (2001)
Issue (Month): 2 (September)
Development; Exports; Offshore; Policy Making; Policy; Regional; Services; Trade;
Find related papers by JEL classification:
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
- R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy
- O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
- O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
- Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade
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- Luca Errico & Alberto Musalem Borrero, 1999. "Offshore Banking-An Analysis of Micro- and Macro-Prudential Issues," IMF Working Papers 99/5, International Monetary Fund.
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