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Financial Secrecy and Its Impact on Cross-Border Deposits
Džmuráň, Daniel ; Janský, Petr (advisor) ; Novák, Jiří (referee)
The role of tax havens in the global issue of tax evasion has been illustrated by numerous studies. In 2009, a major international initiative has been launched by G20 and OECD with a purpose to put an end to offshore tax evasion. Yet the outcomes of this tax haven crackdown are often contested. This thesis brings new findings to the empirical research that has been done on the field of crackdown's evaluation. First, I confirm the results of earlier academic papers and I find a negative impact of information exchange treaties on the value of funds placed in tax havens. Second, I extend the existing research shifting the attention to deposits in non-havens, concluding that also the money from tax havens placed on non-havens' bank accounts disappear after signing a treaty. In the final part of the thesis, I - for the first time in literature - link the data on cross-border deposits with a measure of financial secrecy. I find that a decrease in secrecy score corresponds to a decline in deposits on a sample of all countries and non-havens. All my findings suggest that weakening the financial secrecy is associated with a significant outflow of cross-border deposits.
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Unintended consequences of drug prohibition: How does the drug abuse start?
Džmuráň, Daniel ; Schwarz, Jiří (advisor) ; Mikolášek, Jakub (referee)
Drug abuse is a major contemporary issue that draws attention of scientists as well as of the general public. Attitudes towards drug prohibition, however, differ greatly. On the one hand, the so called prohibitionists emphasize that each country needs to fight drug abuse. Their critics, on the other hand, argue that this approach constitutes baseless interfererence with the free market and personal freedom. In addition, oponents of drug prohibition point out to the various unintended consequences that the prohibition brings along. Author of this text pays a special attention to the concept of these consequences and, as a result, gives a detailed overview of existing research on unintended consequences in the context of drug prohibition. The main goal of this text is to contribute into the discussion on drug prohibition by conducting a specific empirical research that discloses one of the negative consequences of the prohibition - the illegal black market. Being a direct effect of the drug prohibition, the black market increases the availability of drugs to teenagers. The validity of this effect was confirmed by data obtained by questionnaires from a sample of Prague drug users. The reason is that the data shows that the entrance into the black market for teenagers is enabled by their immediate...
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