In light of the recent financial crises in the emerging markets, the coming-into-force of the financial services agreement under the GATS has been considered a success. While the agreement provides for little new liberalization but rather formalizes the status quo, it was feared that governments...

This paper investigates whether the poor reputation of a small island offshore centre would affect the centre's economic growth, foreign direct investment, broad money supply, or international reserves. To estimate the potential reputational shock, we use the vector error correction model and...