The End of Bank Secrecy? An Evaluation of the G20 Tax Haven Crackdown
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The End of Bank Secrecy? An Evaluation of the G20 Tax Haven Crackdown. / Johannesen, Niels; Zucman, Gabriel.
Paris : Paris School of Economics, 2012.Research output: Working paper › Research
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TY - UNPB
T1 - The End of Bank Secrecy? An Evaluation of the G20 Tax Haven Crackdown
AU - Johannesen, Niels
AU - Zucman, Gabriel
N1 - JEL classi¿cations: H26, H87, G21, K42
PY - 2012
Y1 - 2012
N2 - During the ¿nancial crisis, G20 countries compelled tax havens to sign bilateral treaties providing for exchange of bank information. Policymakers have celebrated this global initiative as the end of bank secrecy. Exploiting a unique panel dataset, we study how the treaties a¿ected bank deposits in tax havens. Most tax evaders, our results suggest, did not respond to the treaties. A minority responded by transferring deposits to havens not covered by a treaty. Overall, the G20 tax haven crackdown caused a modest relocation of deposits between havens but no signi¿cant repatriation of funds: the era of bank secrecy is not over.
AB - During the ¿nancial crisis, G20 countries compelled tax havens to sign bilateral treaties providing for exchange of bank information. Policymakers have celebrated this global initiative as the end of bank secrecy. Exploiting a unique panel dataset, we study how the treaties a¿ected bank deposits in tax havens. Most tax evaders, our results suggest, did not respond to the treaties. A minority responded by transferring deposits to havens not covered by a treaty. Overall, the G20 tax haven crackdown caused a modest relocation of deposits between havens but no signi¿cant repatriation of funds: the era of bank secrecy is not over.
KW - Faculty of Social Sciences
KW - Tax havens
KW - Tax evasion
M3 - Working paper
BT - The End of Bank Secrecy? An Evaluation of the G20 Tax Haven Crackdown
PB - Paris School of Economics
CY - Paris
ER -
ID: 37830168