The End of Bank Secrecy or Not? An Evaluation of the G20 Crackdown on OFCs

During the financial crisis, G20 countries compelled Offshore Financial Centres to sign bilateral treaties providing for the exchange of bank information. Did that mean the end of bank secrecy or not? Exploiting a unique panel dataset, Niels Johannesen, Assistant Professor, Department of Economics, University of Copenhagen, and Gabriel Zucman, a Ph. D. student at the Paris School of Economics, studied how the signing of treaties affected bank deposits in OFCs. This session will look at their findings.