Banking Secrecy and Global Finance (eBook)

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.

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