Does offshore business mean onshore economic gains?

Author(s): Doyle, Michelle; Johnson, Anthony (1999)

Created 22 Jul, 1999
Categories Working Papers
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In recent years the prominence of the offshore sector has grown considerably, yet national GDP estimates fail to account for activity in this sector. This has been mainly due to the deficiency in data on the offshore sector. This study attempts to bridge part of this gap by providing estimates for offshore banking output. Interestingly, estimates of offshore banks' GDP does not rely strictly on the number of banks licensed and bankers closely monitor conditions in the local economy, in determining the size of their operations. Overcoming challenges to the viability of offshore sector depends heavilly on the timeliness and resources committed to ensuring that the competitiveness of the jurisdiction is maintained.

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