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Offshore jurisdictions (including Cyprus), corruption money laundering and Russian round-trip investment

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  • Svetlana Ledyaeva
  • Päivi Karhunen
  • John Whalley

Abstract

In this paper we analyze the link between corruption money laundering and round-trip investment via offshore jurisdictions utilizing Russian firm-level data. In particular we empirically explore location strategies of round-trip investors (namely, from Cyprus and British Virgin Islands) across Russia and compare them with the benchmark group of genuine foreign investors in Russia. We further study the determinants of the fraction of round-trip investment in total foreign investment in Russian regions. We find that round-trip investors tend to locate in more corrupt Russian regions than their genuine foreign counterparts and the fraction of round-trip investment is also significantly higher in corrupt regions. Taking into account that a large fraction of round-trip investment in Russia is concentrated in real estate and financial sectors, our results point to the conclusion that there is a strong link between round-trip investment and corruption money laundering.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 19019.

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Date of creation: May 2013
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Handle: RePEc:nbr:nberwo:19019

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  1. Ichiro Iwasaki & Keiko Suganuma, 2005. "Regional Distribution of Foreign Direct Investment in Russia," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 17(2), pages 153-172.
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  6. Perez, M. Fabricio & Brada, Josef C. & Drabek, Zdenek, 2012. "Illicit money flows as motives for FDI," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 108-126.
  7. David L. Carr & James R. Markusen & Keith E. Maskus, 2001. "Estimating the Knowledge-Capital Model of the Multinational Enterprise," American Economic Review, American Economic Association, American Economic Association, vol. 91(3), pages 693-708, June.
  8. Alvaro Cuervo-Cazurra, 2006. "Who cares about corruption?," Journal of International Business Studies, Palgrave Macmillan, vol. 37(6), pages 807-822, November.
  9. Papke, Leslie E. & Wooldridge, Jeffrey M., 2008. "Panel data methods for fractional response variables with an application to test pass rates," Journal of Econometrics, Elsevier, Elsevier, vol. 145(1-2), pages 121-133, July.
  10. Roberto, Basile, 2004. "Acquisition versus greenfield investment: the location of foreign manufacturers in Italy," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 34(1), pages 3-25, January.
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