Autori
Masciandaro, Donato
Portolano, Alessandro

Titolo
It Takes Two to Tango: International Financial Regulation and Off-shore Centres. A Law & Economics Approach.
Periodico
Università degli studi di Lecce - Dipartimento di Scienze Economiche e Matematico-Statistiche. Quaderni. Collana di economia
Anno: 2002 - Fascicolo: 4 - Pagina iniziale: 1 - Pagina finale: 20

The paper aims at shedding some light on the dynamics of competition among off-shore centers that attract capitals of illicit origins. The paper takes a relational approach, focusing on the relations established between off-shore centers and criminal organizations, in order to design the optimal international financial regulation. The main problem faced by off-shore countries is one of devising a credible commitment not to behave opportunistically ex post the exchange with criminal organizations. More specifically, off-shore centers need to post a "hostage" that increases criminal organizations' trust in the exchange. This result is ensured by a solid reputation as a supplier of criminal financial services and by dependence on revenues generated by money laundering.




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