International Financial Centers as a Model: Facilitating Growth and Development by Connecting to International Legal Frameworks

Abstract

Abstract International financial centers (IFCs) provide means of strengthening law and regulation not only in the financial sector, but also in global governance more broadly and the contribution their legal regimes make to economic development. By demonstrating how ideas move across jurisdictions and how cross-jurisdictional structures add value, IFCs facilitate transactions in jurisdictions where local legal systems and services are not yet adequately developed or available to support economic activity. They serve as regulatory capacity builders, building networks of professionals, regulators, and judges contribute to ongoing innovation and capacity building. Their success at building legal regimes that add value and which are available to new classes of individuals and firms around the world makes them a model for using the legal system to foster economic development.