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...

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...

Most of the literature on the drivers and effects of financial secrecy on emerging economies focuses on tax avoidance, neglecting the problems of institutional arbitrage that go beyond taxation issues. This paper discusses the limits of the institutionalist paradigm that treats businesses solely...