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Exploring the relationship between tourism and offshore finance in small island economies: lessons from Jersey

Author

Listed:
  • John Christensen

    (Tax Justice Network)

  • Mark Hampton

    (University of Kent)

Abstract

Many islands host tourism and offshore finance but research tends to focus on either industry without examining the nature of the relationship(s) between these two where they co-exist. This paper examines the nature of the relationships using a case study of the British Channel Island of Jersey. Both industries demand labour, land and capital that are frequently scarce in small islands. Given their common characteristics and, drawing lessons from Jersey, the paper then considers the nature and the dynamics of their relationship, and the issue of resource competition between the two sectors. In light of the unusual context of small polities and the political power of external actors, the paper also analyses the dynamics of the central relationship between tourism, offshore finance and the state in islands. Finally, the paper considers the overall impact of the relationship between tourism and offshore finance and how it affects the economic development trajectory of small islands.

Suggested Citation

  • John Christensen & Mark Hampton, 2005. "Exploring the relationship between tourism and offshore finance in small island economies: lessons from Jersey," International Finance 0507006, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpif:0507006
    Note: Type of Document - pdf; pages: 40
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/if/papers/0507/0507006.pdf
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    References listed on IDEAS

    as
    1. Palan, Ronen, 2002. "Tax Havens and the Commercialization of State Sovereignty," International Organization, Cambridge University Press, vol. 56(1), pages 151-176, January.
    2. Sol Picciotto, 1999. "Offshore: The State as Legal Fiction," Palgrave Macmillan Books, in: Mark P. Hampton & Jason P. Abbott (ed.), Offshore Finance Centres and Tax Havens, chapter 3, pages 43-79, Palgrave Macmillan.
    3. John Christensen & Mark P. Hampton, 1999. "A Legislature for Hire: The Capture of the State in Jersey’s Offshore Finance Centre," Palgrave Macmillan Books, in: Mark P. Hampton & Jason P. Abbott (ed.), Offshore Finance Centres and Tax Havens, chapter 7, pages 166-191, Palgrave Macmillan.
    4. M P Hampton & J E Christensen, 1999. "Treasure Island Revisited. Jersey's Offshore Finance Centre Crisis: Implications for other Small Island Economies," Environment and Planning A, , vol. 31(9), pages 1619-1637, September.
    5. Mark P. Hampton & Jason P. Abbott (ed.), 1999. "Offshore Finance Centres and Tax Havens," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-14752-6.
    6. Susan M. Roberts, 1999. "Confidence Men: Offshore Finance and Citizenship," Palgrave Macmillan Books, in: Mark P. Hampton & Jason P. Abbott (ed.), Offshore Finance Centres and Tax Havens, chapter 5, pages 117-139, Palgrave Macmillan.
    7. Mark Hampton, 1996. "The Offshore Interface," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-25131-5.
    8. Hampton, Mark P. & Christensen, John, 2002. "Offshore Pariahs? Small Island Economies, Tax Havens, and the Re-configuration of Global Finance," World Development, Elsevier, vol. 30(9), pages 1657-1673, September.
    9. Christopher M. Marchant, 1999. "Financial Regulation and Supervision Offshore: Guernsey, a Case Study," Palgrave Macmillan Books, in: Mark P. Hampton & Jason P. Abbott (ed.), Offshore Finance Centres and Tax Havens, chapter 9, pages 212-229, Palgrave Macmillan.
    10. Christensen, J. & Hampton, M.P., 1998. "The Capture of the State in Jersey's Offshore Finance Centre," Papers 119, Portsmouth University - Department of Economics.
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    Cited by:

    1. Luisa R. Blanco & Cynthia L. Rogers, 2012. "Do Tax Havens Really Flourish?," Global Economy Journal (GEJ), World Scientific Publishing Co. Pte. Ltd., vol. 12(3), pages 1-23, August.
    2. Ed Brown & Jon Cloke, 2007. "Shadow Europe: Alternative European Financial Geographies," Growth and Change, Wiley Blackwell, vol. 38(2), pages 304-327, June.

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    More about this item

    Keywords

    tax havens; island tourism; island development;
    All these keywords.

    JEL classification:

    • F - International Economics
    • N - Economic History
    • O - Economic Development, Innovation, Technological Change, and Growth

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