By Donato Masciandaro, Olga Balakina
In this booklet, the authors relate how the expansion of illegal activity systematically generates a requirement for banking secrecy.
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Additional info for Banking Secrecy and Global Finance: Economic and Political Issues
If we think that the policymaker chooses a level of offshore-service supply, we can try to set a different level of offshore attitude for a given country. 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.
Where the new independent variable is the following: 5. Ibs = International blame sensibility (IBS) factor can be an indicator of reputational costs sensitivity. 14 confirm that the probability of being an OFC jurisdiction depends on specific country endowments. This probability tends to be higher when: the level of political stability is higher, the country’s international voice is lower, and when the jurisdiction adopts the common law. The land-use variable and the degree of crime pollution are not statistically significant in this specification, although the relationship signs are the right ones.
25 Harvey (2006). 17 Ordered logit estimates with OAI index Variables Coef. 360489 Number of obs LR chi2(5) Prob > chi2 Log likelihood Pseudo R2 Std. err. 1749 Note: ***indicates statistical significance at 1 percent; **indicates statistical significance at 5 percent; *indicates statistical significance at 10 percent. 18 Ordered logit estimates with OOAI index Variables Coef. 376541 Number of obs LR chi2(5) Prob > chi2 Log likelihood Pseudo R2 Std. err. 1709 Note: ***indicates statistical significance at 1 percent; **indicates statistical significance at 5 percent; *indicates statistical significance at 10 percent.