|
|
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.
|
|
|
Changes in the financial sector and their impact on economic development
Čigášová, Patrícia ; Šíma, Ondřej (advisor) ; Obešlo, František (referee)
The bachelor thesis consists of two chapters in which it describes the global financial crisis in connection with theory of division of economy into financial and real sector, and studies possible channels that could transmit problems between them. While analyzing the changes that have occurred in the last period and which contributed to larger spillover of the problems, a fact of developing extensive financial sector emerges. There are many cases of countries that have been extremely dependent on it, therefore little diversified, which could cause high volatility of consumption, GDP etc., since these indicators mirror movements of financial markets. These facts are related to the origin of offshore financial centers, which are also discussed in the thesis. Moreover, there is examined an issue of growth in banks´ assets and excessive providing of credit that leads to larger indebtedness of households. Rise of household debt has been still continuing even after the end of crisis, and is usually connected not only with financial deepening in emerging economies, but also with negative impact on future economic growth. Liabilities of financial institutions consist of high amount of wholesale funds, which resulted in growth of liquidity and systemic risk.
|
|
|
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.
|
|
|
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.
|
guest ::
