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The obscure truth about governance quality and tax havens : an empirical analysis of the effect of governance and institutional quality on the nancial secrecy index

Flystveit, Vegard; Øyna, and Håvard
Master thesis
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URI
https://hdl.handle.net/11250/2735891
Date
2020
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  • Master Thesis [3375]
Abstract
This thesis aims to clarify the obscure perception about tax havens being well-governed countries. Empirical

studies on tax havens usually take a dichotomous approach whereby a jurisdiction is either a tax haven or

not. We argue that this approach is of little value considering there is no common and overall accepted

de nition of tax havens. Previous literature has given too much attention to small and insigni cant tax

havens, while large economies have gone unnoticed. We challenge the dichotomous approach and contribute

to the tax haven literature using the Financial Secrecy Index as our dependent variable. With this new

measure, we turn to examine the determinants of tax haven status, and we do not nd a signi cant and

identi able chain of causation for the relationship between tax haven status and governance quality. Thus,

we can disprove some of the ndings from Dharmapala and Hines (2009), regarded by many as the most

in

uential evidence on the relationship between governance and tax havens. However, we nd supporting

evidence for a low degree of corruption as important for tax haven status. This nding suggests that tax

havens' credibility to attract nancial capital is closely attached to a low degree of corruption, at least on

paper. Finally, evidence shows that large developed economies with oversized nancial centers su er from

the country capture phenomenon. Rather than serving the economy, large nancial centers now prey on it,

eventually undermining governance and institutional quality.

Keywords - Tax Havens, Governance Quality, Institutions, Financial Secrecy Index, Corruption, Country

Capture.

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