02365cas a2200313 a 4500 AALejournalIMF021643 230101c9999 xx r poo 0 0eng d 18.00 USD 9781513573540 1018-5941 BD-DhAAL BD-DhAAL Aiyar, Shekhar. IMF Programs and Financial Flows to Offshore Centers / Shekhar Aiyar, Manasa Patnam. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (31 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines whether IMF lending is associated with increases in outflows to offshore financial centers (OFCs), known for bank secrecy and asset protection, relative to other international destinations. Using quarterly data from the BIS on bilateral bank deposits, we are unable to detect any positive and statistically significant effect of IMF loan disbursements on bank deposits in OFCs. The result holds even after restricting the sample to the duration of the IMF program, where disbursement quarters and non-disbursement quarters should be subject to similar degrees of macroeconomic stress. It is also robust to using the scheduled tranche of disbursements as an instrument for actual disbursements. While the effects vary by the type and conditionality of the IMF program, as well as the amount of lending, none of the effects are found to be positive and statistically significant. We also estimate whether the recent surge in emergency lending, during the Covid-19 crisis, is associated with an increase in outflows to OFCs but find no evidence to support this. Mode of access: Internet Bureaucracy imf Foreign Exchange imf Informal Economy imf International Lending and Debt Problems imf Underground Econom imf Patnam, Manasa. IMF Working Papers; Working Paper ; No. 2021/146 Full text available on IMF http://elibrary.imf.org/view/journals/001/2021/146/001.2021.issue-146-en.xml IMF e-Library