This study analyses the cross border capital flows in order to verify existence and direction of the so called stigma effect: Is the soft regulation against banking secrecy promoted by the international organization effective? We test if the FAFT listing-delisting events are effective sticks and...

International and national institutions regularly put pressure on offshore financial centers and their clients to enforce compliance with anti-money laundering regulations and that in spite of the existence of bank secrecy. This paper discusses the winners and losers of such policies....

This paper provides a theory on staged or step-by-step privatization. We show that such an approach can be efficient, in the sense that it can successfully transform a state-owned enterprise into an efficient market-based firm by the time when the reform is complete. It may explain the...