Exchange of Information and Bank Deposits in International Financial Centres

Pierce O’Reilly (), Kevin Parra Ramirez and Michael Stemmer
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Pierce O’Reilly: OECD, Centre for Tax Policy and Administration

Hacienda Pública Española / Review of Public Economics, 2021, vol. 239, issue 4, 27-69

Abstract: This paper assesses the impact of exchange of information on foreign-owned bank deposits in international financial centres (IFCs). IFC deposits declined globally by 24% or USD 410 billion during 2008 to 2019. The commencement of automatic exchange of information is associated on average with a 22% reduction in IFC bank deposits held by non-IFC jurisdictions. Increasing multilateral expansion of exchange of information on request seems to diminish marginal gains of new bilateral treaties. IFC jurisdictions specialising in banking activities have been mostly affected by increasing tax transparency. A comprehensive multilateral approach is thus fundamental for successfully increasing international tax transparency.

Keywords: Cross-border bank deposits; Exchange of information; Offshore finance; Tax evasion (search for similar items in EconPapers)
JEL-codes: F38 G21 H26 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (10)

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Related works:
Working Paper: Exchange of information and bank deposits in international financial centres (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:hpe:journl:y:2021:v:239:i:4:p:27-69

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