The report entitled International Finance Centres and the World Economy has been written by highly-regarded US economist Professor James Hines.
Prof Hines, of the University of Michigan and the National Bureau of Economic Research, compiled his report using all the work published on offshore finance centres over the last 15 years.
Known as the Hines Report, it follows on from the Foot Review published last week which found that the Crown dependencies injected $332.5 billion into UK banks in the second quarter of 2009, with Jersey providing around $218.3 billion of that total.
Prof Hines says in his report: ‘The evidence indicates that offshore centres contribute to financial development and stability in neighbouring countries, encouraging investment, employment, and other aspects of business development. They have salutary effects on tax competition, promote good government, and enhance economic growth elsewhere in the world.’
