Knockin’ on H(e)aven’s door. Financial crises and offshore wealth
研究发展中国家金融危机期间离岸银行账户存款变化，发现危机后三年内避税天堂存款增加近30%，且主要来自制度薄弱国家，表明离岸中心在危机时吸收资源。
This paper investigates the relationship between financial crises in developing countries and variation of bank deposits in offshore financial centers. Using a stacked difference-in-differences estimator, we find that three years after the onset of the crisis, bank deposits in tax havens increase by almost 30 percent. The effect appears independent of tax rates and is primarily driven by countries with weak institutions. We add to the literature on tax havens as we find that they not only facilitate tax evasion and corruption in “normal times”, but also absorb resources during financial crises, when most needed.