event
Vilfredo Pareto Research Seminar
Tuesday
11
November
Little girl camera

Knockin’ on H(e)aven’s door. Financial crises and offshore wealth

Silvia Marchese, University of Milano Bicocca
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Geneva Graduate Institute, Maison de la paix, Room S5

As part of the Vilfredo Pareto Research Seminar series, the International Economics Department at the Geneva Graduate Institute is pleased to invite you to a public talk given by Silvia Marchese, University of Milano Bicocca

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Knockin’ on H(e)aven’s door. Financial crises and offshore wealth

 
This paper investigates the relationship between financial crises in developing countries and variation of bank deposits in offshore financial centers. Using a stacked difference-in-differences estimator, we find that three years after the onset of the crisis, bank deposits in tax havens increase by almost 30 percent. 
 
The effect appears independent of tax rates and is primarily driven by countries with weak institutions. We add to the literature on tax havens as we find that they not only facilitate tax evasion and corruption in “normal times”, but also absorb resources during financial crises, when most needed.
 

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