Download Banking Secrecy and Global Finance: Economic and Political by Donato Masciandaro, Olga Balakina PDF

By Donato Masciandaro, Olga Balakina

In this booklet, the authors relate how the expansion of illegal activity systematically generates a requirement for banking secrecy.

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Extra info for Banking Secrecy and Global Finance: Economic and Political Issues

Example text

The IFCY classification is particularly consistent with our methodology, as it is based on the policymakers’ decisions to be a country that offers offshore services. In any case, in the tests we will also take into account the institutional definitions. 7 For more details see Rose and Spiegel (2006). The nature of the international organizations raised the question of their legitimacy: it has been contended that the major motivation for the fact that advanced economies monitor and assess the banking regimes of OFCs, via organizations such as the OECD or the IMF, is an increasing concern for losses of revenue due to the tax management strategies of high net-worth individuals or companies; for a discussion see Gilligan (2004), and also Harvey (2006).

But this is impossible, because the maximum level of available illegal funds is W. Therefore we must also find the minimum value of t (t − m) which corresponds to the Y* = W condition; Y* = m (1 − p ) − c − γ 2 =W 2 pt = m (1 − p ) − c − γ 2 =W 2 pt m ⇒ m (1 − p ) − c − γ 2 = 2Wpt m ⇒ tm = m (1 − p ) − c − γ 2 2Wp The laxity of the BS country will also depend on the profitability of the supply of banking secrecy services. Then: 4. Banking secrecy profitability: the optimal degree of banking secrecy increases as the level of national benefits increases.

E. saving on investment costs); 4. CrP = Crime pollution factor15 is an indicator of national costs. Variable for the crime pollution factor, source of national cost. 9 The IFCY 2006–2007 classified 41 centers and territories. 1). 10 Given the 41 FOCs of the IFCY 2006, the two missing centers are Labuan and Madeira. 2. 12 Unproductive landuse: this entry contains the percentage shares of total land area for two different types of unproductive land use: (1) forests and woodland – land under dense or open stands of trees; (2) other – any land type not specifically mentioned among the productive land use (arable land : land cultivated for crops that are replanted after each harvest, such as wheat, maize and rice; permanent crops – land cultivated for crops that are not replanted after each harvest, such as citrus, coffee, and rubber; permanent pastures – land permanently used for herbaceous forage crops, such as urban areas).

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