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...

The claim that social protection is a luxury good--with a national income elasticity exceeding unity--has as been influential. The paper tests the "luxury good hypothesis" using newly-assembled data on social protection spending across countries since 1995, treating the pandemic period...