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  1. Sanction-busting through tax havens
    Autor*in: Kavaklı, Kerim Can; Marcolongo, Giovanna; Zambiasi, Diego
    Erschienen: April 2023
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    Financial sanctions, which aim to economically hurt a target by restricting its access to financial assets and markets, require the ability to identify who owns an asset. Although experts have long claimed that offshore financial centres that offer... mehr

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    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 248
    Fernleihe:
    keine Fernleihe

     

    Financial sanctions, which aim to economically hurt a target by restricting its access to financial assets and markets, require the ability to identify who owns an asset. Although experts have long claimed that offshore financial centres that offer secrecy ('tax havens') undermine sanctions by hiding ownership information, so far data limitations have prevented a rigorous test of this claim. We overcome this constraint using data from the Bank of International Settlements and the Offshore Leaks Database and conduct the first systematic analysis of the role that tax havens play in financial sanction evasion. Our main finding is that sanction targets reduce their funds in sanctioning countries while increasing their funds in tax havens. This displacement effect is stronger when the sanction coalition includes the United States or comprises more FATF or OECD members. Lastly, whether a tax haven is in the sanctioning coalition does not seem to make a difference. These findings confirm that target countries evade sanctions by moving large portions of their funds from sanctioning countries to tax havens. More broadly, our paper highlights a novel and geostrategically important role of tax havens in global finance.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292673635
    Weitere Identifier:
    hdl: 10419/283751
    Schriftenreihe: WIDER working paper ; 2023, 55
    Schlagworte: sanctions; financial markets; tax havens; Offshore Leaks Database; offshore financial centres
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  2. Sanction evasion through tax havens
    Autor*in: Kavaklı, Kerim Can; Marcolongo, Giovanna; Zambiasi, Diego
    Erschienen: [2023]
    Verlag:  [BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Università Bocconi], [Milano, Italy]

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 666
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper series / Bocconi ; n. 212 (November 2023)
    Schlagworte: Kapitalmobilität; Internationaler Finanzmarkt; Sanktion; Steueroase; Steuervermeidung; Welt
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  3. Incorporation of offshore shell companies as an indicator of corruption risk in the extractive industries
    Autor*in: Marcolongo, Giovanna; Zambiasi, Diego
    Erschienen: February 2022
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    We show that the incorporation of offshore entities increases when oil and gas exploration licences are awarded. We exploit leaked data on the incorporation of shell companies and detailed information on tax havens and the awarding rounds of oil... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 248
    Fernleihe:
    keine Fernleihe

     

    We show that the incorporation of offshore entities increases when oil and gas exploration licences are awarded. We exploit leaked data on the incorporation of shell companies and detailed information on tax havens and the awarding rounds of oil licences to construct a new data set covering 119 countries over the period 1990-2014. We consider the incorporation of offshore entities as an indicator of corruption risk. We find that the number of new shell companies increases by 11.1 per cent in the period around the award of an exploration licence. We interpret this evidence as a strong indicator that the award of an exploration licence increases the risk of corruption. Consistent with rent-maximising behaviour, this association is stronger when the price of oil increases. Our work informs the fight against corruption, proposing greater monitoring of the ultimate beneficiaries of opaque companies that participate in awarding procedures.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292671457
    Weitere Identifier:
    hdl: 10419/259370
    Schriftenreihe: WIDER working paper ; 2022, 14
    Schlagworte: oil; extractives; natural resources; corruption; tax havens; shell companies
    Umfang: 1 Online-Ressource (circa 15 Seiten), Illustrationen