Offshore schemes and tax evasion: The role of banks

• 成果类型: Article
• 署名作者: Chernykh, Lucy; Mityakov, Sergey
• 署名单位: Clemson University; Clemson University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2017.09.004
• 发表日期: 2017
• 页码: 516-542
• 关键词: financial institutions; Offshore banking; Tax evasion

摘要

We use mandatory Russian banks' reports to the Central Bank to construct a novel measure of offshore-banking. Individual bank involvement in offshore operations is calculated as a fraction of total transactions with foreign countries that go through offshore financial centers. We find that offshore-active banks perform less financial intermediation and focus more on international wire transfers. We show a positive relation between banks' offshore activities and tax evasion of companies doing business through these banks. Finally, we show that the Central Bank eventually responds to this behavior: offshore-active banks have higher likelihood of license revocation and criminal investigation against top management. (C) 2017 Elsevier B.V. All rights reserved.