Doctoral Dissertation Research: Global Finance and Offshore Financial Centers: A Case Study of the Isle of Man

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Cobb, Sharon U. of Florida This proposal examines the matter of financial services within the context of one offshore financial center-the Isle of Man. Offshore markets are those for currencies, loans, bonds and other instruments which exist beyond the reach of regulation by the original national economies. The Manx economy is now dominated by the financial sector which comprises 35 percent of the island's GNP and 15 percent of its workforce. The research will attempt to explain the very rapid growth of the Isle of Man's financial sector over the last twenty years, identify what type of niche market may exist, and the role of the island's financial sector in the global financial network. Factors such as legislation, technology, networks, labor characteristics, location and political stability are thought to be important ingredients of success. The research methodology is based upon personal interviews/questionnaires with representatives of approximately 80 financial services firms on the island. The study will provide empirical evidence on the reasons for the growth and will also offer comparative insights with studies of other offshore financial centers. The results will strengthen the theory of financial services within the global context.