Offshore finance allows foreign banks to create US dollars under the laws of an offshore jurisdiction. How and why does this affect international monetary power? Conceptually, I argue that offshore finance bifurcates across borders the shared power of the state and banks to create money, combining the US dollar with mostly English law. Empirically, I demonstrate that more US dollars are created offshore outside US jurisdiction than onshore within it. Offshore finance increases liquidity, at higher risk, and leads to a cross-border entanglement of issuing country, offshore financial centers, borrowers, and global banks. In short, offshore finance changes the power inherent in money. Consequently, international monetary power has become the ability to get access to offshore dollars in combination with the capacity to determine international liquidity and to set, select, or circumvent the related rules. It is constrained by the hierarchically organized social credit relations that money consists of. The international monetary power of the United States has become an instance of indirect rule with global banks having been delegated the prerogative of US dollar creation. As is common with indirect rule, it entails a difficult balancing act between geographical reach and centralization of power.

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外包帝国：离岸金融时代的国际货币力量


离岸融资允许外国银行根据离岸司法管辖区的法律创造美元。这对国际货币实力有何影响以及为何如此？从概念上讲，我认为离岸金融将国家和银行创造货币的共同权力跨国界分叉，将美元与大部分英国法律相结合。从实证上讲，我证明在美国管辖区以外的离岸创造的美元比在美国管辖范围内的在岸创造的美元多。离岸融资增加了流动性，风险更高，并导致发行国、离岸金融中心、借款人和全球银行的跨境纠葛。简而言之，离岸金融改变了货币固有的力量。因此，国际货币实力已成为获得离岸美元的能力，以及确定国际流动性以及设定、选择或规避相关规则的能力。它受到货币所包含的等级组织社会信用关系的约束。美国的国际货币实力已成为间接统治的一个例子，全球银行被授予创造美元的特权。与间接统治一样，它需要在地理范围和权力集中之间取得艰难的平衡。