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Treasure islands: the economic analysis of tax havens
Filip, Ondřej ; Janský, Petr (advisor) ; Adam, Tomáš (referee)
Bachelor Thesis Abstract This thesis strives to introduce a wider notion of tax havens. We alter a traditional paradigm by investigating tax havens' influence on economic performance of other countries. The first part of the thesis copes with issues implied by the absence of a suitable tax haven's definition which results in compiling an inclusive list of havens. Subsequently, we present a data-based description of the identified tax havens with an emphasis on several widely-held assertions. The second part delivers an empirical analysis. It illustrates the role of tax havens as financial intermediaries. We examined whether the volumes of capital flows between non-havens and tax havens correspond to the sizes of the counterpart economies and to their mutual distance. Foremost, we found intensified capital flows between tax havens and large non-haven countries in their close proximity. The thesis concludes by a discussion of results.
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Who wins and who loses due to financial secrecy? The Net Bilateral Financial Secrecy Index.
Kamenická, Lucie ; Palanský, Miroslav (advisor) ; Štěpánek, Martin (referee)
A bstr a ct Rece ntl y, w orl d le a ders are m a ki n g e ff orts t o fi n all y g ai n c o ntr ol o ver t he iss ue of t a x h a ve ns a n d fi n a nci al secrec y t hr o u g h vari o us p olic y me as ures. T h a n ks t o c o m b ati n g fi n a nci al secrec y, t a x f air ness is sl o wl y b ei n g ac hie ve d w hic h e n- a bles j uris dicti o n t o c ollect t a x re ve n ue w hic h t he y l ose d ue t o t he e xiste nce of secrec y j uris dicti o ns. I n m y t hesis I u p d ate a n d e xte n d t he e xisti n g rese arc h c o ncer ni n g bil ater al a p pr o ac h of e m piric al i de nti fic ati o n of t a x h a ve ns' fi n a nci al secrec y a n d b ase d o n it I q u a ntif y f or 1 1 1 c o u ntries t he secrec y t he y s u p pl y a n d f or 8 2 c o u ntries t he secrec y t he y recei ve. Ne xt, I pri m aril y q u a ntif y w hic h j ur- is dicti o n wi ns or l oses d ue t o secrec y b y de vel o pi n g t he Net Bil ater al Fi n a nci al Secrec y I n de x a n d esti m ate it f or 6 8 j uris dicti o ns b y setti n g f or e ac h c o u ntr y t he fi n a nci al secrec y recei ve d a n d s u p plie d a g ai nst e ac h ot her. T he n, I f o c us o n w or ki n g wit h t he est a blis he d Net B F SI a n d I b ase d o n it c o ncl u de se ver al fi n di n gs, a n d als o a n al yse h o w t he Net B F SI c h a n ge d d...
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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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Treasure islands: the economic analysis of tax havens
Filip, Ondřej ; Janský, Petr (advisor) ; Adam, Tomáš (referee)
Bachelor Thesis Abstract This thesis strives to introduce a wider notion of tax havens. We alter a traditional paradigm by investigating tax havens' influence on economic performance of other countries. The first part of the thesis copes with issues implied by the absence of a suitable tax haven's definition which results in compiling an inclusive list of havens. Subsequently, we present a data-based description of the identified tax havens with an emphasis on several widely-held assertions. The second part delivers an empirical analysis. It illustrates the role of tax havens as financial intermediaries. We examined whether the volumes of capital flows between non-havens and tax havens correspond to the sizes of the counterpart economies and to their mutual distance. Foremost, we found intensified capital flows between tax havens and large non-haven countries in their close proximity. The thesis concludes by a discussion of results.
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