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220928 ||| eng |
| 020 |
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|a 9781513573540
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| 100 |
1 |
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|a Aiyar, Shekhar
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| 245 |
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0 |
|a IMF Programs and Financial Flows to Offshore Centers
|c Shekhar Aiyar, Manasa Patnam
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2021
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| 300 |
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|a 31 pages
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| 653 |
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|a Economics
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| 653 |
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|a Credit
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| 653 |
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|a Banks
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| 653 |
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|a Finance
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| 653 |
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|a International relief
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| 653 |
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|a Industries: Financial Services
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| 653 |
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|a Financial services
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| 653 |
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|a Crime
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Mortgages
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| 653 |
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|a International Lending and Debt Problems
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| 653 |
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|a Money
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Informal Economy
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Currency crises
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| 653 |
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|a Corruption
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| 653 |
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|a Criminology
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| 653 |
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|a International Economics
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| 653 |
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|a Foreign aid
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Bank credit
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| 653 |
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|a Banking
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| 653 |
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|a International finance
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Offshore financial centers
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| 653 |
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|a Monetary economics
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| 653 |
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|a Financial institutions
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| 653 |
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|a Economics: General
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Informal sector
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| 653 |
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|a Bureaucracy
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| 653 |
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|a International economics
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| 653 |
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|a Administrative Processes in Public Organizations
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| 653 |
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|a Loans
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| 653 |
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|a Foreign Aid
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| 653 |
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|a Banks and Banking
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| 653 |
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|a White-collar crime
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| 653 |
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|a Underground Econom
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Corporate crime
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| 700 |
1 |
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|a Patnam, Manasa
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781513573540.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2021/146/001.2021.issue-146-en.xml?cid=50233-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a This paper examines whether IMF lending is associated with increases in outflows to offshore financial centers (OFCs), known for bank secrecy and asset protection, relative to other international destinations. Using quarterly data from the BIS on bilateral bank deposits, we are unable to detect any positive and statistically significant effect of IMF loan disbursements on bank deposits in OFCs. The result holds even after restricting the sample to the duration of the IMF program, where disbursement quarters and non-disbursement quarters should be subject to similar degrees of macroeconomic stress. It is also robust to using the scheduled tranche of disbursements as an instrument for actual disbursements. While the effects vary by the type and conditionality of the IMF program, as well as the amount of lending, none of the effects are found to be positive and statistically significant. We also estimate whether the recent surge in emergency lending, during the Covid-19 crisis, is associated with an increase in outflows to OFCs but find no evidence to support this
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