The initial impact of TIEAs seems to be a relocation of funds or redirection of new illicit financial flows across juris- dictions (Johannesen and Zucman, 2012). Moreover, coordination of efforts to fight tax havens is challenging because not all tax havens are created equal. The group includes larg

ountry gave each year’s capital growth as a flow. I added this to consumption to give what call market-valued output. I said earlier that Piketty and Zucman should logically have done the same. This gave the values for (4.1) and (4.1a). I then divided by year-end capital to give values for (4.3). 1 next

ard Nobel prizes to those who help. My first nominees would be Piketty and Zucman. Not that I think much of Piketty’s arguments. But his website with Zucman is as powerful a new resource for scholarship and the database as national accounts were eight decades ago. Chapter 8 Banks, Money and Macroeconomi