Determinants of the Financial Secrecy Index: Panel and Quantile Analysis of Institutional Quality, Economic Freedom and Capital Flows (İzmir İktisat Dergisi)

Research paperİzmir İktisat DergisiOctober 202629 pages44 min readBurak Büyükoğlu, Umut UyarOriginal source

Key number

0.4686

Baseline Model R-Squared p.13

Largest segment

622.45

Maximum Financial Secrecy Index p.10

Summary

The study analyzes a balanced panel dataset of 27 countries covering a total of 135 annual observations.p.7
The baseline Newey-West panel regression yields an R² of 0.4686 and an F-statistic of 168.70.p.13

Key insights

Institutional quality and legal enforcement play a central role in constraining cross-border financial secrecy.p.18
Economic freedom consistently displays a positive effect on financial secrecy across baseline and baseline-variable quantile specifications.p.15
The rule of law significantly reduces financial secrecy by strengthening regulatory transparency and audit capacity.p.13
Integrity of the legal system exerts a statistically significant negative influence across all quantiles in the fully expanded model.p.18

Topics and entities

Global Banking Regulation FATF OECD Tax Justice Network

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