Hidden Corners of the Global Economy

Tackling Tax Havens

Nicholas Shaxson

The billions attracted by tax havens do harm to sending and receiving nations alike

Shaxson on wealth extraction

The Rise of Phantom Investments

Jannick Damgaard, Thomas Elkjaer, and Niels Johannesen

Empty corporate shells in tax havens undermine tax collection

Taxing Times

Maria Petrakis

The head of Greece’s tax collection agency is on a mission to improve compliance

Privacy vs Transparency

Jay Purcell and Ivana Rossi

Countries must strike the right balance as they combat illicit financial flows

The Truth about the Dark Web

Aditi Kumar and Eric Rosenbach

Intended to protect dissidents, it has also cloaked illegal activity

Rosenbach on cyberthreats

The Cost of Corruption

Paolo Mauro, Paulo Medas, and Jean-Marc Fournier

Graft results in lost tax revenue, but it also takes a social toll

Mauro on curbing corruption

The Art of Money Laundering

Tom Mashberg

The loosely regulated art market is rife with opportunities for washing illicit cash

Sean Hagan on money laundering

ALSO IN THIS ISSUE

More Sand Than Oil

Nelson Sobrinho and Vimal Thakoor

Sub-Saharan Africa stands to gain more from reducing corruption than any other region

Sean Hagan on corruption

Nonprofits Investigate Profits

Andreas Adriano

Investigative journalists play a key role in bringing corruption to light

Lewis on investigative journalism

Illuminating Economic Growth

Jiaxiong Yao

Satellite images of the earth at night reveal the pace of economic growth and much more

Editor's Letter

Illuminating Dark Corners

This issue of Finance & Development reminds me of a Sufi parable. A woman sees a mystic searching for something outside his door. “What have you lost?” she asks. “My key,” he responds. So they both kneel down to look for it. “Where exactly did you drop it?” she asks. “In my house,” he replies. “Then why are you looking here?” “Because there is more light.”

In the Trenches

Convincing the Markets

Peter Praet revisits the ECB’s unconventional monetary policy response to the euro crisis

Picture This

Gimme Shelter

Lijun Li and Chris Wellisz

Counting wealth in offshore tax havens boosts estimates of inequality

Tax havens explained

Book Reviews

The Third Pillar: How Markets and the State Leave the Community Behind, Raghuram Rajan

Rajan on localism & globalization

Currency Notes

A Money Makeover

Japan spruces up its currency with holograms, trailblazers, and iconic art

Melinda Weir

How Hokusai shaped western art