We create a network of bilateral correlations of changes in sovereign bond yields and individual bank equity price changes since 2000. We extract some stylized facts from this network of asset price correlations and document the clear differences in asset price correlations between safe havens and non-safe havens: safe havens, as commonly defined, have higher sovereign-sovereign, bank-bank, and bank-sovereign correlations than nonsafe havens. In a simple shock propagation model, we illustrate how these higher correlations may turn safe havens into shock propagators. While we discuss safe havens as a group, we document how the US is in a category of its own, differing significantly from the other countries including Switzerland or Japan. Separately, we find that feedback loops amplify shocks, and those emanating from bank stress more than those emanating from sovereign stress.

From the Cayman Islands and the Isle of Man to the Principality of Liechtenstein and the state of Delaware, tax havens offer lower tax rates, less stringent regulations and enforcement, and promises of strict secrecy to individuals and corporations alike. In recent years government regulators, hoping to remedy economic crisis by diverting capital from hidden channels back into taxable view, have undertaken sustained and serious efforts to force tax havens into compliance. In Tax Havens, Ronen Palan, Richard Murphy, and Christian Chavagneux provide an up-to-date evaluation of the role and function of tax havens in the global financial system-their history, inner workings, impact, extent, and enforcement. They make clear that while, individually, tax havens may appear insignificant, together they have a major impact on the global economy. Holding up to $13 trillion of personal wealth-the equivalent of the annual U.S. Gross National Product-and serving as the legal home of two million corporate entities and half of all international lending banks, tax havens also skew the distribution of globalization's costs and benefits to the detriment of developing economies. The first comprehensive account of these entities, this book challenges much of the conventional wisdom about tax havens. The authors reveal that, rather than operating at the margins of the world economy, tax havens are integral to it. More than simple conduits for tax avoidance and evasion, tax havens actually belong to the broad world of finance, to the business of managing the monetary resources of individuals, organizations, and countries. They have become among the most powerful instruments of globalization, one of the principal causes of global financial instability, and one of the large political issues of our times.

Tax havens in offshore lands like Switzerland, the Cayman Islands and the Bahamas were once considered a rarity, the preserve of the super-rich. Today, they are big business available to the masses. Their goal? To avoid any form of accountability. Own nothing. Possess everything. Be answerable to no one. Where are these tax havens? What forms can they take? What future lies in store for them, and why should we care? An Anatomy of Tax Havens: Europe, the Caribbean and the United States of America answers these questions, and more, in the first comparative study in one volume of European, Caribbean and United States tax havens. It examines their simple origin to the extreme forms some take today, delving into the murky subculture that has deliberately made them impenetrably obscure. Uniquely, it combines detailed technical expertise (regulatory regimes, financial crime, legal and equitable structuring) with an analysis of their impact on domestic and global political, economic, environmental and social concerns. An Anatomy of Tax Havens is a fascinating, informative read for a broad readership; from legal, accountancy and tax practitioners to compliance regulators, law enforcement agencies, and students and researchers interested in business studies, taxation, and crime.

From comic books to summer blockbusters, all people enjoy art in some form or another. However, few of us can effectively explain why certain books, movies, and songs resonate so profoundly within us. In Echoes of Eden, Jerram Barrs helps us identify the significance of artistic expression as it reflects the extraordinary creativity and unmatched beauty of the Creator God. Additionally, Barrs provides the key elements for evaluating and defining great art: (1) The glory of the original creation; (2) The tragedy of the curse of sin; (3) The hope of final redemption and renewal. These three qualifiers are then put to the test as Barrs investigates five of the world's most influential authors who serve as ideal case studies in the exploration of the foundations and significance of great art.

Reporter Macy Reynolds is the new 'yankee girl' in Tranquil Waters, Texas. Having recently inherited a large home and the local newspaper, she's also got a nasty case of Cold Shoulder from the town. Her only fan is the enormous dog she's just adopted ... She was in heels and soaked to the skin, trying to shove the reluctant Great Dane into her car. And that's all it took for Lt. Blake Michaels to realise just how badly he wants Macy. Still haunted by his past – and she by hers – neither of them are looking for anything serious. But there's something carnal in play, and only one way to satisfy it...

In a spirit of sanctified humor, this satire skewers the error of the easy-believe gospel and defends the biblical truth that Christians will be changed by the Holy Spirit that indwells and empowers them. Take a rough-n-tumble journey with Peregrinus (Latin for pilgrim) as he, with the help of his mentor Plowman, battles with the errors thrown at him by the likes of such characters as Willy "Rush" Forward, Strawberry Nostrum, Reverend Quacksalver, and Jumping Jack Hallelujah.