Financial secrecy as a factor of the foreign direct investment

Main Article Content

Fernando Javier Moreno-Brieva
Daniel Disyorque Peñaherrera-Patiño

Abstract

Due to the scandals of corruption related to the offshore accounts of different people linked to the public and private sphere, which have been discovered in recent years, this research aims to verify the predictive capacity of an alternative methodology to the classification that divides jurisdictions into tax havens or not, that notoriously has not been effective. Specifically, it has been analyzed whether the Financial Secrecy Index (FSI), which is calculated every two years, turns out to be a determinant factor on Foreign Direct Investment (FDI) of positive net inflows. The method with which it has worked has been a multiple linear regression at global level, and from developed and emerging jurisdictions (separately), in the period after the global economic crisis (2011-2015). The main conclusion obtained from the study is that there is a positive and significant relationship between the value of the FSI and the positive net inflows FDI, only on a global scale.

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How to Cite
Moreno-Brieva, F. J., & Peñaherrera-Patiño, D. D. (2020). Financial secrecy as a factor of the foreign direct investment. INNOVA Reseach Journal, 5(2), 51–66. https://doi.org/10.33890/innova.v5.n2.2020.1205
Section
Anticles
Author Biographies

Fernando Javier Moreno-Brieva, Universidad Complutense de Madrid, España

Candidato a doctor por la Universidad Complutense de Madrid, especializado en cadenas de valor globales, economía de la innovación y energética. Ha sido profesor en universidades de Chile y Ecuador. Posee varias publicaciones en revistas de alto impacto a nivel mundial. Recientemente ha publicado un libro de Datos de Panel en español, inglés y chino mandarín.

Daniel Disyorque Peñaherrera-Patiño, Universidad de Guayaquil, Ecuador

Profesor-investigador titular de la Facultad de Ciencias Económicas de la Universidad de Guayaquil -Ecuador-, Doctorando en Ciencias Económicas, Empresariales y Sociales de la Universidad de Sevilla -España-, MBA con Especialidad en Economía Aplicada, Política Económica, Política Industrial y Empresarial de la Universidad Andrés Bello de Chile.

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