By Donato Masciandaro, Olga Balakina
In this ebook, the authors relate how the expansion of illegal activity systematically generates a requirement for banking secrecy.
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Additional resources for Banking Secrecy and Global Finance: Economic and Political Issues
Combining the two hypotheses, we have a random utility framework for the unobservable lax regulation variable. As usual, we assume that the errors εij are independent for each national policymaker and institutional alternative, and they are normally distributed with a mean of 0 and variance equal to 1. The assumption of independence implies that the utility derived by one national policymaker is not related to the utility derived by any other national policymaker, and that the utility that a policymaker derives from the choice of a given level of laxity is not related to the utility provided by the other alternatives.
If we have an indicator of OFC attitude, the model can be estimated with an ordered logit model or with an ordered probit model. Second, each binary variable depends on one source of information only: market (offshore) evaluation or (onshore) institutional evaluation. The solution to the first problem is to build up an indicator of OFC attitude. Using the institutional sources, an offshore attitude index is created, thus implementing a two-stage process. First stage: for each country a check is made as to whether it has been a member of both OECD and FATF (strong onshore attitude, or minimum 16 Rose and Spiegel (2006) build up an OFC classification by gathering data from three sources: FSF (2000), IMF (1999) and Errico and Musalem (1999).
This is also the case when the jurisdiction adopts the common law. Furthermore, a low resource endowment has a weak effect on the likelihood of being an OFC. To check the robustness of the results obtained, it is possible to modify the dependent variable by using the institutional definition of OFC jurisdiction16 (37 countries). 4. 54). 5 reports the logit estimates. All the results are confirmed except that of the pollution crime effect. The inverse relationship between OFC status and crime-pollution risk still holds, but it is not statistically significant.
Banking Secrecy and Global Finance: Economic and Political Issues by Donato Masciandaro, Olga Balakina