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금융분야 실무자들에게 있어서 역외금융센터는 다양한 투자수단을 제공해주는 중요한 플랫폼으로 인식되어 왔다. 그럼에도 불구하고 학계에서는 역외금융센터가 가지고 있는 중요성 즉, 경제적 의미와 파급효과에 대한 연구가 아직까지는 현실적 중요성에 비해 미미한 수준이라고 할 수 있다. 이러한 시각에서 본 연구는 역외금융센터의 현실적 중요성과 학계에서의 연구성과를 종합적으로 정리하여 연구의 현황과 앞으로의 과제를 정리해보고자 하였다. 주요 연구결과를 정리해본 결론은 역외금융센터의 존재는 국가간 시장통합을 가속화시킨다는 공통된 시각을 지지한다는 점이다. 주요 결과를 보면 먼저 Desai et al.(2006)은 조세회피처를 이용함으로서 나타나는 비용절감은 조세회피처가 아닌 주변지역에 대한 투자를 활성화한다고 보여 주었다. Dharmapala and Hines(2006)은 양질의 거버넌스를 가진 국가일수록 조세회피처가 될 가능성이 높다고 보여 주었다. 또 다른 연구로 Rose and Spiegel(2007)은 역외금융센터가 가까울수록 주변 국가들의 일반은행의 경쟁을 강화시키고 따라서 사회후생의 증대를 가져온다고 보여 주었다. 또한 Kang and Pyo(2009)은 역외금융센터가 있는 지역일수록 그 지역의 일반은행의 수익성이 높게 나타난다고 보여 주었다.


<ABSTRACT> In financial practitioners’ world, OFCs(Offshore Financial Centres) have been emerged as major investment platforms. Nevertheless, the importance of OFCs is relatively neglected in an academic field. In this context, this paper seeks to fill the gap between two fields by reviewing related theoretical models and empirical works. We also present quantitative facts which supports the claim that the emergence of OFCs is one of major forces which accelerates a market integration across countries. Various studies also show different results about the economic consequences of OFCs. Empirical evidence of Desai et al.(2006) indicates that reduced costs of using tax-haven are likely to stimulate optimal investment level in nearby non-haven countries. Dharmapala and Hines(2006) shows that countries with high quality of governance structure are likely to become tax havens. Rose and Spiegel(2007) suggest that proximity to OFCs increases the degree of competitiveness in banking sectors of neighboring countries, which ultimately leads to increased social welfare. From the perspective of financial sectors, Kang and Pyo(2009)’s empirical investigation suggests that the proximity to OFCs has a positive impact on the profitability of banks domiciled in non-OFC countries.


<ABSTRACT> In financial practitioners’ world, OFCs(Offshore Financial Centres) have been emerged as major investment platforms. Nevertheless, the importance of OFCs is relatively neglected in an academic field. In this context, this paper seeks to fill the gap between two fields by reviewing related theoretical models and empirical works. We also present quantitative facts which supports the claim that the emergence of OFCs is one of major forces which accelerates a market integration across countries. Various studies also show different results about the economic consequences of OFCs. Empirical evidence of Desai et al.(2006) indicates that reduced costs of using tax-haven are likely to stimulate optimal investment level in nearby non-haven countries. Dharmapala and Hines(2006) shows that countries with high quality of governance structure are likely to become tax havens. Rose and Spiegel(2007) suggest that proximity to OFCs increases the degree of competitiveness in banking sectors of neighboring countries, which ultimately leads to increased social welfare. From the perspective of financial sectors, Kang and Pyo(2009)’s empirical investigation suggests that the proximity to OFCs has a positive impact on the profitability of banks domiciled in non-OFC countries.