Modern offshoring of business in the construct of national fiscal security

Lutsyshyn, Zoriana; Фролова, Тетяна Олександрівна; Yuzhanina, Nina; Mazur, Mykola; Perebyinis, Dmytro

doi:10.33111/iep.2019.30.04

Cited by 7 publications

(5 citation statements)

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“…It allows firms and governments to raise funds from overseas at a lower cost of capital. Lutsyshyn (2008) argues that financial globalization fosters the development of efficient financial markets and serves as a catalyst for rapid economic growth. According to Fetiniuc and Luchian (2014), the activities of global financial market participants are greatly stimulated by financial globalization.…”

Section: The Concept Of Economic Globalizationmentioning

confidence: 99%

“…Turning to the negative consequences of financial globalization, Lutsyshyn (2008) posits that by creating asymmetry regarding capital flows, financial globalization provides conducive conditions for financial speculators which distort financial liquidity rather than motivating foreign direct investment. Ceballos et al (2012) point out that financial globalization reduces financial and trading activities in the domestic market resulting from the increased migration of financial activities to international markets.…”

Section: The Concept Of Economic Globalizationmentioning

confidence: 99%

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Bank profitability in Sub-Saharan Africa: does economic globalization matter?

Yakubu

Bunyaminu

2022

JEAS

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PurposeThis study aims to examine the impact of economic globalization on bank profitability in Sub-Saharan Africa.Design/methodology/approachThe empirical analysis is based on panel data of banks spanning 2008–2016. Relying on the KOF Globalization Index, the study uses financial globalization and trade globalization as measures of economic globalization. The authors employ the system generalized method of moments technique to establish the relationship between economic globalization and bank profitability while controlling for the effect of bank-specific and macroeconomic factors.FindingsThe results show a negative significant effect of financial and trade globalization on bank profitability, signifying the intense competition of banks in Sub-Saharan Africa accelerated by globalization. The negative effect of economic globalization holds irrespective of the indicator of bank profitability. Bank size exerts a significant effect on profitability though the impact is negative for return on equity measure. The findings further reveal a positive significant impact of GDP growth and inflation on profitability.Originality/valueThis paper presents a pioneering work on the impact of economic globalization on bank profitability in the Sub-Saharan African context per the researchers' knowledge.

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Section: The Concept Of Economic Globalizationmentioning

confidence: 99%

Section: The Concept Of Economic Globalizationmentioning

confidence: 99%

Bank profitability in Sub-Saharan Africa: does economic globalization matter?

Yakubu

Bunyaminu

2022

JEAS

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“…Representatives of the world economic community seek to reduce the tax burden, which leads to the transfer of a significant share of capital to offshore jurisdictions, where the tax burden is much less or nonexistent. Scientists studied the economic content and essence of offshoring, the scale and consequences of capital outflow from the Ukrainian economy offshore, studied the main schemes of capital outflow and money laundering, considered the state and main problems of offshoring of Ukraine's economy (Lutsyshyn et al, 2019). Also was studied the role and scale of offshoring and its impact on the economy of Ukraine, developed a number of measures to stimulate the return to Ukraine of previously exported capital (Redzyuk, 2015).…”

Section: Literature Reviewmentioning

confidence: 99%

“…The current volume of capital movements offshore is impressive. In particular, about 10% of all world capital is concentrated offshore, more than 50% of world trade goes offshore (Lutsyshyn et al, 2019), it is estimated that the total amount of assets placed offshore is from 21 to 32 trillion dollars. USA (Lutsenko, 2015), about a third of the capital in the form of deposits, amounting to about 11.5 trillion dollars.…”

mentioning

confidence: 99%

The Ukrainian Economy Offshoring: Estimation of Factors’ Impact and Developing Measures to Combat

Hobela

Podra

Batyuk

et al. 2022

Business: Theory and Practice

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The study is devoted to the Ukrainian capital outflow analysis, finding main reasons, consequences and working out the recommendations. The purpose of the study was to research the reasons of offshoring, except tax avoidance, to estimate their impact on the state economy and develop the ways of economy de-offshoring based on the main results of the study. The main reasons, positive, negative effects and threats of economy offshoring were identified. The main reasons for offshoring other than tax avoidance were highlighted. Based on empirical, theoretical, and static research, it was found that a corporate raiding, an imperfect legal environment regarding the protection of property, intellectual property and high level of political risks have a significant impact on the economy offshoring. The influence of various factors (x 1 , x 2 ….x n ) on capital outflow was estimated on a base of correlation analysis. According to the received results the main ways of Ukraine's economy de-offshoring within the formation of institutional and legal support of de-offshoring were developed. Scientific methods such as general and special methods of cognition, methods of economic and statistical analysis, deduction, and the method of theoretical generalization were used in the study.

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“…Scientists often devote to the study of particular components of the functioning of the shadow economy and their impact on certain aspects of social development. In particular, Z. Lutsyshyn proves that the activities of offshore jurisdictions and the offshorization of business in general pose a challenge to national fiscal security [19]. That is why, as O. Plotnikov et al discovered, the transformation of the fiscal sphere in the EU integration involves taking measures aimed at unshadowing [20].…”

mentioning

confidence: 99%

Global financial ecosystem and processes of unshadowing of business activities: the role of the FATF

Stoliarchuk,

Ilnytskyy,

Ilnytska

2023

jis

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Purpose. The purpose of the article is to reveal the specifics of the activities of global financial institutions as legal entities under international public law, important components of the global financial architecture and agents of unshadowing of the world economy using the sample of the Financial Action Task Force (FATF). The postulate of the work defines the leading importance of the institutional mechanism of unshadowing of the global economy for the development and implementation by countries of the unshadowing toolkit in a combination of economic and legal components as a factor of sustainable development. Results. It was found that the continued expansion of the shadow segment of the global economy actualizes the expediency of researching patterns and features of the processes that cause and accompany it. The global financial architecture is undergoing transformations adapting to the challenges of the shadowing of the world economy, including 1) the implementation of shadow economic transactions by business entities, 2) the deformation of the competitive environment and capitalist market institutions, 3) the distortion of business activity models, 4) the degradation of people's economic behaviour, as consumers and employees, and 5) aggravation of the global environmental problem. The classification of subjects of the unshadowing of the world financial sphere, which play a key role in its architecture, including their division by types 1) international universal organizations, 2) international financial organizations and 3) international specialized institutions, has been carried out. The structure-forming role of normative documents, which determine both the goal-setting and general quantitative characteristics of the environment of financial institutions, as well as the peculiarities of the development and implementation of activities for the unshadowing of economic relations and systems, has been revealed. All countries are only on the way towards effective economic models and sound global financial ecosystem. Scientific novelty. A new model of the institutional matrix of the global financial ecosystem is proposed, including the green economy and sustainable development components. The peculiarities of FATF in the global financial architecture and processes of unshadowing of business activities are revealed. Practical value. The obtained results can be used in the improvement of the national policy of countering the shadowing of business activities, reducing the environmental problem, as well as increasing the effectiveness of international economic relations in this area.

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Modern offshoring of business in the construct of national fiscal security

Cited by 7 publications

References 1 publication

Bank profitability in Sub-Saharan Africa: does economic globalization matter?

Bank profitability in Sub-Saharan Africa: does economic globalization matter?

The Ukrainian Economy Offshoring: Estimation of Factors’ Impact and Developing Measures to Combat

Global financial ecosystem and processes of unshadowing of business activities: the role of the FATF

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