Hide-seek-hide? The effects of financial secrecy on cross-border financial assets

Petr Janský, Tereza Palanská and Miroslav Palansky

No wp-2022-9, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: Excessive financial secrecy facilitates illicit financial flows, which constitute a major developmental challenge for low-income economies and cause significant tax revenue losses for governments around the world. In this paper we estimate the semi-elasticity of cross-border financial assets to changes in financial secrecy and how it differs for countries at various income levels. We develop a new financial secrecy dataset for the 2011-20 period, which covers many specific policies in addition to the previously studied automatic information exchange.

Keywords: Financial secrecy; Transparency; Secrecy jurisdictions; Tax havens; Offshore financial centres (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-fdg, nep-his and nep-ifn
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:unu:wpaper:wp-2022-9

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