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"Each year local and national economies throughout the world lose billions of dollars through so-called illicit financial flows. Conservative estimates indicate that over a billion dollars are diverted illegitimately out of countries in the Southern Hemisphere every year. This diversion of revenue reinforces poverty while facilitating the concentration of authority in the hands a select few through corruption and abuse of power. The authors’ objective with this book is to increase transparency in finance and global financial transactions.Understanding the phenomenon of illicit financial flows requires input from several disciplines including law, finance and economics, and much of what is known about illicit financial flows is thanks to whistleblowers and investigative journalists. This anthology highlights journalism about illicit, global financial activity from an interdisciplinary perspective. In conveying the experiences of whistleblowers and investigative journalists who have been involved with the Panama Papers, Paradise Papers, Lux Leaks and Swiss Leaks, the contributing authors underscore the need for journalism students to also learn the basics of economics, finance and law if they are to be able to carry out investigative projects in an increasingly more globalized economy.In the first part of the book, investigative journalists describe their work to expose corruption and capital flight, and whistleblowers in some of the most significant cases tell their stories, while lawyers and accountants explain what needs to be done at the legislative level. In the second half of the book, analyses of revelations of corruption and illegitimate financial flows are presented. The authors explore themes including the value of investigative journalism, new journalistic methods, inadequate protections for whistleblowers and the education of investigative journalists.This book will be of interest to anyone concerned about illicit financial flows, but especially to journalists, journalism students and journalism instructors seeking an understanding of what it takes to reveal the mechanisms behind illicit, global flows of wealth." Hvert år tappes lokalsamfunn og stater over hele verden for milliarder av kroner på grunn av såkalt illegitim finansflyt. Forsiktige anslag indikerer at 10 milliarder kroner blir ført illegitimt ut av land i Sør hvert år. Skjulte finansstrømmer forsterker fattigdom samtidig som det legger til rette for at noen få holder seg ved makten gjennom korrupsjon og maktmisbruk. Forfatterne av denne boka ønsker å bidra til mer åpenhet om finans og globale finanstransaksjoner.For å forstå fenomenet illegetim finansflyt er det nødvendig med innspill fra flere fagfelt, som jus, finans og økonomi. Mye av det vi vet om skjulte finansstrømmer, vet vi takket være varslere og gravende journalister. Denne boka kaster lys over journalistikk om skjulte, globale finansstrømmer fra ulike fagdisiplinære perspektiv. Gjennom å lære av historiene til varslere og gravende journalister som har arbeidet med blant annet Panama Papers, Paradise Papers, Lux Leaks og Swiss Leaks, viser forfatterne at journaliststudenter bør lære mer om både økonomi, finans og jus dersom de skal kunne gjennomføre graveprosjekter i en stadig mer global økonomi.I første del av boka forteller gravende journalister om arbeidet for å avsløre korrupsjon og finansflukt. Varslere i noen av de mest kjente sakene forteller sin historie, mens advokater og revisorer forklarer hva som må gjøres med lovverket. Den andre delen av boka består av analyser av korrupsjonsavsløringer og illegitim finansflyt. Forfatterne belyser tema som verdien av gravejournalistikk, nye journalistiske metoder, mangelfull beskyttelse av varslere og utdanning av gravejournalister.Denne boka passer for alle som er interesserte i illegitim finansflyt, men passer spesielt for journalister, journaliststudenter og journalistikklærere som ønsker å forstå hva som trengs for å avdekke mekanismene i skjulte, globale finansstrømmer.

whistleblowing --- leaks --- journalism --- financial flows --- corruption --- Panama papers

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"Each year local and national economies throughout the world lose billions of dollars through so-called illicit financial flows. Conservative estimates indicate that over a billion dollars are diverted illegitimately out of countries in the Southern Hemisphere every year. This diversion of revenue reinforces poverty while facilitating the concentration of authority in the hands a select few through corruption and abuse of power. The authors’ objective with this book is to increase transparency in finance and global financial transactions.Understanding the phenomenon of illicit financial flows requires input from several disciplines including law, finance and economics, and much of what is known about illicit financial flows is thanks to whistleblowers and investigative journalists. This anthology highlights journalism about illicit, global financial activity from an interdisciplinary perspective. In conveying the experiences of whistleblowers and investigative journalists who have been involved with the Panama Papers, Paradise Papers, Lux Leaks and Swiss Leaks, the contributing authors underscore the need for journalism students to also learn the basics of economics, finance and law if they are to be able to carry out investigative projects in an increasingly more globalized economy.In the first part of the book, investigative journalists describe their work to expose corruption and capital flight, and whistleblowers in some of the most significant cases tell their stories, while lawyers and accountants explain what needs to be done at the legislative level. In the second half of the book, analyses of revelations of corruption and illegitimate financial flows are presented. The authors explore themes including the value of investigative journalism, new journalistic methods, inadequate protections for whistleblowers and the education of investigative journalists.This book will be of interest to anyone concerned about illicit financial flows, but especially to journalists, journalism students and journalism instructors seeking an understanding of what it takes to reveal the mechanisms behind illicit, global flows of wealth." Hvert år tappes lokalsamfunn og stater over hele verden for milliarder av kroner på grunn av såkalt illegitim finansflyt. Forsiktige anslag indikerer at 10 milliarder kroner blir ført illegitimt ut av land i Sør hvert år. Skjulte finansstrømmer forsterker fattigdom samtidig som det legger til rette for at noen få holder seg ved makten gjennom korrupsjon og maktmisbruk. Forfatterne av denne boka ønsker å bidra til mer åpenhet om finans og globale finanstransaksjoner.For å forstå fenomenet illegetim finansflyt er det nødvendig med innspill fra flere fagfelt, som jus, finans og økonomi. Mye av det vi vet om skjulte finansstrømmer, vet vi takket være varslere og gravende journalister. Denne boka kaster lys over journalistikk om skjulte, globale finansstrømmer fra ulike fagdisiplinære perspektiv. Gjennom å lære av historiene til varslere og gravende journalister som har arbeidet med blant annet Panama Papers, Paradise Papers, Lux Leaks og Swiss Leaks, viser forfatterne at journaliststudenter bør lære mer om både økonomi, finans og jus dersom de skal kunne gjennomføre graveprosjekter i en stadig mer global økonomi.I første del av boka forteller gravende journalister om arbeidet for å avsløre korrupsjon og finansflukt. Varslere i noen av de mest kjente sakene forteller sin historie, mens advokater og revisorer forklarer hva som må gjøres med lovverket. Den andre delen av boka består av analyser av korrupsjonsavsløringer og illegitim finansflyt. Forfatterne belyser tema som verdien av gravejournalistikk, nye journalistiske metoder, mangelfull beskyttelse av varslere og utdanning av gravejournalister.Denne boka passer for alle som er interesserte i illegitim finansflyt, men passer spesielt for journalister, journaliststudenter og journalistikklærere som ønsker å forstå hva som trengs for å avdekke mekanismene i skjulte, globale finansstrømmer.

Interdisciplinary studies --- Media studies --- whistleblowing --- leaks --- journalism --- financial flows --- corruption --- Panama papers

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This paper examines gross financial inflows to developing countries between 2000 and 2013, with a particular focus on the potential effects of quantitative easing policies in the United States and other high-income countries. The paper finds evidence for potential transmission of quantitative easing along observable liquidity, portfolio balancing, and confidence channels. Moreover, quantitative easing had an additional effect over and above these observable channels, which the paper argues cannot be attributed to either market expectations or changes in the structural relationships between inflows and observable fundamentals. The baseline estimates place the lower bound of the effect of quantitative easing at around 5 percent of gross inflows (for the average developing economy), which suggests that of the 62 percent increase in inflows during 2009-13 related to changing global monetary conditions, at least 13 percent of this was attributable to quantitative easing. The paper also finds evidence of heterogeneity among different types of flows; portfolio (especially bond) flows tend to be more sensitive than foreign direct investment to our measured effects from quantitative easing. Finally, the paper performs simulations that explore the potential effects of the withdrawal of quantitative easing on financial flows to developing countries.

Currencies and Exchange Rates --- Debt Markets --- Developing Countries --- Economic Theory & Research --- Emerging Markets --- Finance and Financial Sector Development --- Gross Financial Flows --- Macroeconomics and Economic Growth --- Mutual Funds --- Private Sector Development --- Quantitative Easing

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As early as 2000, development partners embarked on a decade-long search for "innovative" or alternative sources of Official Development Assistance to help finance achievement of the Millennium Development Goals. For their part, developing countries have sought not only more financial flows but better financial solutions, for example, through partnerships that mobilize private finance for public service delivery, risk mitigation efforts that promote private entry in the productive sectors, and support for carbon trading. This paper offers a framework to organize and understand this heterogeneous mix of innovations in fund-raising and financial solutions for development. It also provides, for the first time, a stocktaking of actual innovations that make up the international landscape and highlights the World Bank Group's role to date. The stocktaking shows that innovative finance mechanisms have played a more significant role in supporting financial solutions on the ground than in identifying and exploiting "alternative sources of ODA." Innovative fund-raising therefore should be viewed as a complement to - rather than a substitute for - traditional efforts to mobilize official flows, in particular concessional flows. Going forward, innovations need to be tested and evaluated to determine value-added.

Access to Finance --- Banks and Banking Reform --- Capital Markets --- Debt --- Debt Management --- Debt Markets --- Developing countries --- Development Bank --- Development Finance --- Emerging Markets --- Finance and Financial Sector Development --- Financial flows --- Financial Risk --- Foreign Direct Investment --- Human Development --- International Bank --- International Development --- International Finance --- Investment Bank --- Investment Finance --- Private finance --- Private Sector Development --- Risk Management --- Trading --- Treasury --- Trust Fund

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As early as 2000, development partners embarked on a decade-long search for "innovative" or alternative sources of Official Development Assistance to help finance achievement of the Millennium Development Goals. For their part, developing countries have sought not only more financial flows but better financial solutions, for example, through partnerships that mobilize private finance for public service delivery, risk mitigation efforts that promote private entry in the productive sectors, and support for carbon trading. This paper offers a framework to organize and understand this heterogeneous mix of innovations in fund-raising and financial solutions for development. It also provides, for the first time, a stocktaking of actual innovations that make up the international landscape and highlights the World Bank Group's role to date. The stocktaking shows that innovative finance mechanisms have played a more significant role in supporting financial solutions on the ground than in identifying and exploiting "alternative sources of ODA." Innovative fund-raising therefore should be viewed as a complement to - rather than a substitute for - traditional efforts to mobilize official flows, in particular concessional flows. Going forward, innovations need to be tested and evaluated to determine value-added.

Access to Finance --- Banks and Banking Reform --- Capital Markets --- Debt --- Debt Management --- Debt Markets --- Developing countries --- Development Bank --- Development Finance --- Emerging Markets --- Finance and Financial Sector Development --- Financial flows --- Financial Risk --- Foreign Direct Investment --- Human Development --- International Bank --- International Development --- International Finance --- Investment Bank --- Investment Finance --- Private finance --- Private Sector Development --- Risk Management --- Trading --- Treasury --- Trust Fund