Masciandaro / Balakina Banking Secrecy and Global Finance

Economic and Political Issues
1. Auflage 2015
ISBN: 978-1-137-40010-9
Verlag: Palgrave Macmillan UK
Format: PDF
Kopierschutz: Wasserzeichen (»Systemvoraussetzungen)

E-Book, Englisch, 283 Seiten, eBook

A 2009 G20 official document stated that the era of banking secrecy is over but is it? If banking secrecy is the result of market mechanisms, it suggests that worldwide demand and supply are likely to remain for a long time to come.

Since the Global Financial Crisis, many countries have fought to combat banking secrecy, yet it permeates both national and international industries, and global efforts to prevent banking secrecy have been ineffective or at worst counterproductive.

In this book, the authors show how the growth of criminal activity has systematically generated a demand for banking secrecy. They explore how national politicians and international banks have been motivated to supply banking secrecy through economic and political incentives, and shed light on the economics and politics of banking secrecy. This book takes a multidisciplinary approach to reveal the variety of behaviours and processes involved in making dirty money appear clean, providing an in-depth study of financial transactions which are characterized by a special purpose: hiding the originally illegal sources.

This work will be of interest to students and scholars of economics and finance, and those with an interest in banking secrecy, global finance, international banking, and financial regulation.

Zielgruppe

Research

Autoren/Hrsg.

Masciandaro, Donato

Balakina, Olga

Inhaltsverzeichnis

PREFACE INTRODUCTION1. Is The Era of Banking Secrecy Over?2. Banking Secrecy: Economics and Politics3. Banking Secrecy, Regulation and Supervision4. Banking Secrecy and International Financial Markets 5. Acknowledgements PART ONE: BANKING SECRECY: ECONOMICS AND POLITICS1. Introduction2. Banking Secrecy: Microeconomics3. Banking Secrecy: Empirics4. Banking Secrecy: White Macroeconomics5. Banking Secrecy: Black Macroeconomics6. Secrecy and Black Economy: Empirics7. Banking Secrecy: Grey Macroeconomics8. References and TablesPART TWO: BANKING SECRECY, REGULATION AND SUPERVISION9. Introduction10. Secrecy and the Specialness of Banking11. Combating Secrecy: Information and Incentive12. Combating Secrecy: The Relevant Players13. Combating Secrecy: A Field Experiment14. The Financial Intelligence Unit: Economics and Politics14.1 Economics14.2 Politics 15 Financial Intelligence Units: Institutional Models16 FIUs, Supervisory Architectures and Central Banking16.1 The Cycle in Financial Supervision : Consolidation Cycle and the FIUs16.2 The Cycle in Central Bank Involvement in Supervision and the FIUs16.3 Supervisory Governance and the FIUs17 The Future of THE FIUs: The Role of September Eleven 18 ReferencesPART THREE: BANKING SECRECY AND INTERNATIONAL FINANCIAL MARKETS19 Introduction20 Capital Flows and National Regulation: The Lucas Paradox21 Explaining the Paradox22 Testing the Paradox22.1 Which Drivers Do Matter?22.2 Institutional Quality: One More Step23 Behind the Lucas Paradox: Banking Secrecy, Soft Regulation and Capital Flows 24 New Frontiers against Banking Secrecy: The Beggar Thy Neighbour Regulation25 ReferencesAPPENDIX: FINANCIAL INTELLIGENCE UNITS IN THE WORLD 1. Introduction2. Financial Intelligence Units: Nature and Governance

Über Autor(innen)

Donato Masciandaro is Full Professor of Economics, holding the Chair in Economics of Financial Regulation, at Bocconi University, Milan. He is Head of the Department of Economics and Director of the Paolo Baffi Centre on Central Banking and Financial Regulation. He served as Visiting Scholar at the International Monetary Fund, as well as Consultant at the Inter-American Development Bank and at the United Nations. Olga Balakina is a Research Assistant and PhD student in Economics and Finance at the Paolo Baffi Centre on Central Banking and Financial Regulation, Bocconi University, Italy. Her areas of interest include assets pricing, monetary policy, banking regulation and supervision and illegal financial markets.