Culprits or Bystanders? Offshore Jurisdictions and the Global Financial Crisis
Culprits or Bystanders? Offshore Jurisdictions and the Global Financial Crisis
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罪魁祸首还是旁观者？
DOI：
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发表时间：
2017
期刊：
影响因子：
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通讯作者：
D. Wójcik
中科院分区：
文献类型：
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作者：
Daniel Haberly;D. Wójcik
人们对低税收离岸司法管辖区在全球金融危机中的作用提出了质疑，这主要是基于许多有问题的资产支持证券是在开曼群岛、泽西岛、爱尔兰和其他“离岸”地点发行或上市的证据。然而，还没有一个系统的调查，危机牵连证券化的离岸地理。在这里，我们通过构建危机前最大的资产支持商业票据（ABCP）计划的第一个全面的管辖地图，并详细研究这种地理的基本原理和影响，来填补这一空白。我们发现，离岸司法管辖区不成比例地参与生产最不稳定的ABCP类。然而，这很难用离岸银行中心作为直接避免在岸监管和透明度的场所的传统作用来解释。相反，我们提出了一个危机前离岸ABCP生产的明斯克模型，其中这些司法管辖区专门用于减轻偶然的制度摩擦（如双重征税）阻碍在岸金融创新。在这种背景下，它们有时可以被合理地描述为提高金融市场的制度“效率”;然而，通过促进这些市场的内生演化不稳定性，这种看似无害的服务产生了深刻的负面影响。这种规范上的脱节给离岸改革带来了难题。
Questions have been raised regarding the role of low-tax offshore jurisdictions in the global financial crisis, based largely on evidence that many problematic asset-backed securities were issued from or listed in the Cayman Islands, Jersey, Ireland, and other ‘offshore’ sites. However, there has not been a systematic investigation of the offshore geography of crisis-implicated securitization. Here we fill this gap by constructing the first comprehensive jurisdictional map of the largest pre-crisis Asset-Backed Commercial Paper (ABCP) programs, and examining the rationale for and impacts of this geography in detail. We show that offshore jurisdictions were disproportionately involved in producing the most unstable ABCP classes. However, this is difficult to explain in terms of the traditional role of offshore banking centers as sites for direct avoidance of onshore regulation and transparency. Rather, we propose a Minskian model of pre-crisis offshore ABCP production, wherein these jurisdictions specialized in alleviating incidental institutional frictions (e.g. double taxation) hindering onshore financial innovation. In this context, they could sometimes be legitimately described as improving the institutional ‘efficiency’ of financial markets; however, by facilitating the endogenous evolutionary instability of these markets, this apparently innocuous service had profoundly negative effects. This normative disconnect poses a conundrum for offshore reform.