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Offshore Financial Centers – A Recent and Debatable Reality in World Finance

Author

Listed:
  • Cosma Sorinel

    („Ovidius” University of Constanta, Faculty of Economic Sciences)

Abstract

Offshore Financial Centers (OFCs) have emerged as a rather recent and quite debatable reality in the world of international finance. So debatable is the issue that it does not even have a precise generally-accepted definition. Moreover, quite often confusion arises from the use of the more obscure term tax haven instead of OFC. Taxation, regulation, confidentiality, effects on international trade are some of the main aspects that give birth to debates on whether OFCs pose risks to the overall financial system or whether they are an incentive for investment into emerging markets and a beneficial competition that contributes to innovation in financial instruments and products and lowers costs of financial services worldwide.

Suggested Citation

  • Cosma Sorinel, 2011. "Offshore Financial Centers – A Recent and Debatable Reality in World Finance," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 268-272, May.
    • Handle: RePEc:ovi:oviste:v:xi:y:2011:i:9:p:268-272
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    More about this item

    Keywords

    offshore financial center; tax haven; jurisdiction; non-residents; bank secrecy.;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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