Current data provide macroeconomic information for a large number of countries and for a long period of time (macro panels). This causes that in these panels slope heterogeneity and crosssection dependence (CSD) are a rule rather than the exception, leading to fixed effects slope estimators to...

This paper reviews the literature that explores the drivers and effects of financial secrecy on emerging economies. It shows that most of the research on financial secrecy has been focused on issues of tax avoidance, neglecting the problems of institutional arbitrage that go beyond taxation...