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Banks defy gravity in tax havens

Author

Listed:
  • Vincent Bouvatier

    (ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel)

  • Gunther Capelle-Blancard

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Anne-Laure Delatte

    (LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique, CEPR - Center for Economic Policy Research)

Abstract

This article examines the international activity of banks. We use a gravity framework and country-by-country reports (CbCR) to predict the turnover of European Union (EU) banks worldwide, including jurisdictions usually considered tax havens. Our results show that: (1) about half of the activity of EU banks in tax havens, which accounts for 17% of their global activity, is not explained by standard gravity factors; (2) abnormal activity is concentrated in only a few tax havens (Luxembourg, Hong Kong, and Singapore); and (3) abnormal activity has been stable since the introduction of CbCR.

Suggested Citation

  • Vincent Bouvatier & Gunther Capelle-Blancard & Anne-Laure Delatte, 2025. "Banks defy gravity in tax havens," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-05242296, HAL.
    • Handle: RePEc:hal:cesptp:hal-05242296
    DOI: 10.1093/oep/gpaf003
    as

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