Letters from the Editorial Board

Letters from the Editorial Board

The world is much better

Most of the news deals with disaster, tragedy, misery or sexual misbehavior - because that is what sells newspapers and attracts eyeballs or ears...
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Global economic policy in the era of Trump

Donald Trump has been a never-ending source of controversy since becoming president, but his ascent to the White House has not caused the collapse...
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Escaping the international tax cartel through technology

In 1800, average income per capita across the world was around $1,200 (in 2017 dollars). In Europe, it was around $2,000 and in Ottoman...

Fake economic news

Fake news is the name given primarily to political news that is not true. Unfortunately, much economic news is also not true, because the...

Bring on the Robot Revolution

The story of human development is a story of disruptive – and liberating -- innovation. More particularly it is a story of new tools....

Stopping the tide

A year ago, the world looked set to continue on its post-World War II path to ever closer economic integration. The European Union seemed...

Fighting populism by tempering bureaucratic centralization

Blaming outsiders for economic maladies appeals to base human instincts evolved over millennia to engender beliefs that the economy is zero-sum: one person’s gain...

What the taxman sees

That turmoil will be occurring in a world where there is already significant upheaval on the horizon from the OECD’s Base Erosion and Profit...

Operation Choke Point

American officials have been watching the financial sector around the world in an effort to detect and stop a number of bad activities.  These...

Is the global fiscal crisis over?

The growth in relative government spending in almost all countries is largely caused by growth in government pension and medical care programs and other...

Immigration and IFCs

Many of the smaller countries competing in financial services – including Cayman – have struggled over the years to find a balance on immigration policy.  If it gets it right, Cayman will have a significant advantage over other IFCs, who are also struggling to find the right balance in their immigration policies.


The ambivalence of Bermuda immigration

In order to continue to service international business, it will always be necessary to attract, and retain, sufficient non-Bermudian professionals from abroad.


Luxembourg Leaks –

On Nov. 5, 2014, the International Consortium of Investigative Journalists (ICIJ) published an investigatory analysis based on a confidential cache of tax agreements approved by Luxembourg tax authorities.  


IFCs in the international financial architecture

The world of offshore has long been under attack and with each new wave of regulatory changes the end of small international financial centers is being decried. But so far IFCs have proven extraordinarily resilient.  


Substance over form:

This year marked a turning point for international financial centers (IFCs), especially those that are British Overseas Territories (BOTs) and Crown Dependencies (CDs), in terms of the future landscape on which they will compete, cooperate and provide their services.


The future of international financial centers

International financial centers like the Cayman Islands have experienced over two decades of increased international pressure in the form of new regulation and greater demand for transparency.


The offshore as a black hole – fact or fiction?

From a financial perspective, many consider that when money goes offshore, it enters a black hole. Bank secrecy, public corruption and the constant barrage of films and books which put the offshore in a bad light contribute to this image. 


What does the future hold for IFCs?

“Little else is required to carry a state to the highest degree of opulence from the lowest barbarism”, claimed Adam Smith, “than peace, easy taxes and a tolerable administration of justice.”


Global financial reform and the role of the IMF

Since the onset of the global financial crisis of 2007-08, there has been much debate about the reforms that are needed to make the international financial system more resilient to the onset of financial crises through improvements in what has come to be known as the international financial architecture (IFA).   


What You Give and What You Get:

As is well known by now, the United States enacted a tax reform in 2010 known as the Foreign Account Tax Compliance Act, which seeks to end global tax evasion by Americans through the use of offshore bank accounts. 


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