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“It is curious that governments want to regulate private monopolies but, at the same time, seek a monopoly of regulation. Economic theory and evidence suggest that regulatory competition delivers better results--especially competition between private regulators, but also between state regulators. This timely book shows why we should welcome and not attack offshore financial centers for the regulatory and tax competition they deliver.”

--Philip Booth, editorial and programme director, Institute of Economic Affairs, and professor of Insurance and Risk Management, Cass Business School, City University, London

“Offshore Financial Centers and Regulatory Competition is a must-read for informed policymaking on the future of international finance. The essays by the leading authorities included in this volume provide insightful commentary about whether offshore financial centers are leading a race to the bottom or providing necessary discipline for financial regulation and taxation.”

--Larry Ribstein, Mildred Van Voorhis Jones Chair and associate dean for research, University of Illinois College of Law

“The recent financial crisis had its origins in the flawed policies of large continental economies. Jurisdictions that proved to have more robust markets, like Hong Kong, Australia or Canada, show that policymaking competition is essential to a thriving economy. Offshore financial centers also play a vital role in that competitive market. Like boutique financial firms, they innovate and offer a sharp competitive focus, because they succeed or fail as countries on the strength of their regulatory regime. This book explores that important contribution.”

--Bill Stacey, chairman, Lion Rock Institute, Hong Kong, and partner, Aviate Global

“The expansion of offshore centers has played a significant role in the evolution of global financial markets. The essays in this volume survey each of the major issues and institutions involved in adapting to a world where OFCs play a significant role, as well as issues that OFCs have faced in the process of adopting global standards. This volume is a must-read for anyone interested in the direction of the global financial system.”

--Yusuke Horiguchi, first deputy managing director, Institute for International Finance, and former director, Asia Pacific Department, International Monetary Fund

“At a time when OFCs are under ill-informed attack around the world, these essays focus on the real issues in the debate over international financial transactions and highlight how OFCs play a vital role in, and make an important contribution to, the global economy.”

--Timothy Ridley, past chairman, Cayman Islands Monetary Authority, and former joint senior partner, Maples & Calder

Contributors: Rose-Marie Belle Antoine, Craig M. Boise, Anna Manasco Dionne, Richard K. Gordon, Jonathan R. Macey, Andrew P. Morriss