Banking Secrecy and Global Finance Economic and Political Issues
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 Finan
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Banking Secrecy and Global Finance Economic and Political Issues Donato Masciandaro Department of Economics, Bocconi University, Italy
and
Olga Balakina Department of Economics, Bocconi University, Italy
© Donato Masciandaro and Olga Balakina 2015 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2015 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries.
ISBN 978-1-349-55416-4 DOI 10.1057/9781137400109
ISBN 978-1-137-40010-9 (eBook)
This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Masciandaro, Donato, 1961– Banking secrecy and global finance: economic and political issues / Donato Masciandaro, Olga Balakina. pages cm Includes bibliographical references. 1. Banks and banking. 2. International finance. 3. Money laundering. 4. Confidential business information. 5. Secrecy. I. Balakina, Olga, 1987– II. Title. HG1573.M36 2015 332.1—dc23
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Contents List of Figures
vii
List of Tables
viii
Preface
ix
Acknowledgments
x
Introduction I.1 Is the era of banking secrecy over? I.2 Banking secrecy: economics and politics I.3 Banking secrecy, regulation and supervision I.4 Banking secrecy and international financial markets
1 1 3 4 5
1 Banking Secrecy: Economics and Politics 1.1 Introduction 1.2 Banking secrecy: microeconomics 1.3 Banking secrecy: empirics 1.4 Banking secrecy: white macroeconomics 1.5 Banking secrecy: black macroeconomics 1.6 Banking secrecy and black economy: empirics 1.7 Banking secrecy: gray macroeconomics 2 Banking Secrecy, Regulation and Supervision 2.1 Introduction 2.2 Secrecy and th
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