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Elite Capture of Foreign Aid : Evidence from Offshore Bank Accounts (Inglês)

Do elites capture foreign aid? This paper documents that aid disbursements to highly aid-dependent countries coincide with sharp increases in bank deposits in offshore financial centers known for bank secrecy and private wealth management, but not in other financial centers. The estimates are not confounded by contemporaneous shocks such as civil conflicts, natural disasters, and financial crises, and are robust to instrumenting with predetermined aid commitments. The implied leakage rate is around 7.5 percent at the sample mean and tends to increase with the ratio of aid to GDP. The findings are consistent with aid capture in the most aid-dependent countries.

Detalhes

  • Autor

    Andersen,Jorgen Juel, Johannesen,Niels, Rijkers,Bob

  • Data do documento

    2020/02/18

  • TIpo de documento

    Documento de trabalho sobre pesquisa de políticas

  • No. do relatório

    WPS9150

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Mundo,

  • Região

    Regiões Mundiais,

  • Data de divulgação

    2020/02/18

  • Disclosure Status

    Disclosed

  • Nome do documento

    Elite Capture of Foreign Aid : Evidence from Offshore Bank Accounts

  • Palavras-chave

    aid disbursement; financial sector development; development research group; change in exchange rate; offshore bank account; leakage rate; correlation between aid; foreign bank account; foreign deposit; wealth of nation; capital account openness; exchange rate movement; government spending multiplier; systemic banking crisis; value of deposit; control of corruption; impact of aid; parameter of interest; sources of aid; quality of governance; domestic bank account; value of capital; petroleum producing country; oil producing country; source of income; source income; members of parliament; balance sheet items; value of aid; multilateral development bank; aggregate income shock; personal income tax; exchange of information; department of economics; human development outcome; sovereign debt crisis; measure of democracy; chains of ownership; risk of exposure; sovereign debt restructuring; less developed country; exchange rate change; general budget support; corrupt governments; point estimate; annual disbursement; baseline model; sample period; explanatory variable; aid-dependent countries; standard error; sample mean; natural disaster; bank deposit; available data; individual bank; deposit information; foreign accounts; Tax Evasion; tax haven; descriptive statistic; baseline analysis; cross-border capital; parameter estimate; asset protection; summary statistic; democratic institution; oil price; Exchange Rates; disclosure rule; positive correlation; calendar year; aid dependence; business cycle; corrupt countries; foreign asset; baseline estimates; legal institution; portfolio adjustment; resource rent; collected information; Real estate; political institution; instrumental variable; domestic credit; public deposit; political elite; aggregate demand; information exchange; recent years; compound interest; shell corporation; 0 hypothesis; first stage; tax avoidance; luxury good; account balance; regulatory restriction; cash deposit; political corruption; smaller share; multilateral agency; receiving countries; support policy; bilateral aid; downward bias; humanitarian assistance; debt relief; aggregate measure; economic shock; time lag; opportunistic behavior; macroeconomic shock; foreign donor; global trend; local shocks; global shocks; project approval; geographical region; Commitment Quarter; measure aid; political regime; deposit range; democratic governance; petroleum production; empirical model; restricted data; legal arrangement; sectoral breakdown; severe shocks; foreign position; robustness check; theoretical model; exogenous variable; international pressure; tax enforcement; foreign reserve; exclusion restriction; extreme values; rent seeking; domestic absorption; literature studies; domestic economy; peace research; job market; wealth taxation; empirical analysis; natural experiment; anecdotal evidence; legal framework; enforcement initiative; financial crisis; capital flight; Economic Policy; economic elite; recent research; Research Support; panel regression; financial center; open access; development policy; currency crisis; total damages; confidence bound; time horizon; research assistance; time trend; currency composition; baseline regression; commodity price; business school; home countries; public fund; alternative interpretation; civil conflict; international banking; personal wealth; cash management; future research; missing observation; home country; tax amnesty; global market; Economic Stimulus; deposit base; deposit variable; unallocated deposit; Aid Dependent; steep gradient; deposit growth; international deposit; wealth distribution; aid allocation; capital control; grand corruption; market center

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