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Winter at the People Fountai

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

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.tax havens, island tourism, island development

Examining the Efficiency of the U.S. Courts of Appeals: Pathologies and Prescriptions

Until recently (e.g., Lindquist 2007), few studies have examined the factors that might affect aspects of judicial efficiency, including the time it takes a court to decide a case. In our analysis of a sample o f U.S. Courts of Appeals decisions from 1971-1996, we examine a variety of potential causes of inefficiency, or pathologies, before suggesting a series of prescriptions. 1 Both authors equally contributed to this manuscript. The authors would like to thank Reese Manceaux for his assistance in merging a variety of seemingly incompatible databases, as well as Nicole Arnold for her assistance in collecting data.judicial efficiency, Courts of Appeals, litigation

Africa’s Bane: Tax Havens, Capital Flight and the Corruption Interface

Corruption is widely recognised as harmful to sustainable development. Less well recognised, however, is that secrecy jurisdictions (also known as tax havens) and the bankers, lawyers and accountants who operate from these jurisdictions, actively encourage and support corrupt practices by facilitating illicit financial flows through an ‘offshore interface’ between the illicit and licit economies. Financial market liberalisation has contributed to this problem by not addressing the ‘secrecy space’ comprised by banking secrecy, non-disclosure of ownership of corporations and other legal entities, lack of accounting transparency for multinational companies, and the lack of provisions for effective exchange of information between national authorities. The outcome of this failure to ensure sufficiently transparent financial flows has been the creation of a criminogenic environment, in which illicit flows are easily disguised and hidden amongst legitimate commercial transactions, encouraging capital flight and tax evasion on an awesome scale. Sub-Saharan Africa (SSA) has suffered a net accumulated outflow of capital amounting to over US$600 billion since 1975, and for every dollar of external debt borrowed by SSA countries 80 cents has flowed outwards as capital flight in the same year. The situation is deteriorating, not least because the Government of Ghana has recently announced its intention to support the development of offshore banking services in Accra, which could contribute to a significant increase in the volume of cross-border illicit financial flows in the West African region. Unless this supply side of corruption is tackled there is little prospect for an end to aid dependency and sovereign indebtedness or the creation of economically stable and democratic states able to provide food security, education and healthcare to their citizens

Experiments on Jet Flows and Jet Noise Far- Field Spectra and Directivity Patterns

Jet flows and jet noise far-field spectral and direction pattern

Japanese Equity Financing with Special Reference to Issues in the United States

Japanese industry since the war has been characterized by a very high rate of growth and a severe shortage of equity capital. Given the attractions of this high growth rate coupled with the political and economic stability of the country, it was natural that foreign equity investment would be attracted to Japan. This is particularly true in view of the disturbed conditions existing in other capital-short areas of the world and the recent stagnation in investment demand in the United States, the largest exporter of capital. This mating of supply with demand has not been without its difficulties, however. The very need for capital resulted in measures such as foreign exchange control and outright limitations on foreign investment, all designed to harbor what local capital was available. Furthermore, on the private plane differences in legal systems and concepts posed private law problems not found elsewhere to the same degree. The past two years, however, has seen the solution or amelioration of many of these problems as evidenced by the successful issue in the United States of equity securities by a number of Japanese companies