|mmary statistics for the main variables in<br>alent to at least 2 percent of annual GDP<br>nual disbursements from the World Bank<br>) from all sources as a fraction of annual<br>foreign deposits held in the countries not<br>ld in the 17 countries classifed as havens<br>e change in deposits held in countries not<br>centage change in GDP (measured as the<br>GDP<br>(quarterly<br>growth rate)<br>4.3%<br>2.8%<br>1.5%<br>0.7%<br>2.2%<br>1.1%<br>2.2%<br>1.6%<br>2.1%<br>1.2%<br>1.5%<br>1.8%<br>1.9%<br>1.8%<br>1.8%<br>1.1%<br>1.0%<br>2.7%<br>1.2%<br>2.4%<br>1.6%<br>1.9%<br>1.7%|
|---|
|presents su<br>nk are equiv<br> _GDP)_ is an<br>stance (ODA<br> _deposits_ is <br> deposits he<br>y percentag<br>uarterly per<br>Non-haven<br>deposits<br>(quarterly<br>growth rate)<br>-0.2%<br>5.5%<br>1.9%<br>1.7%<br>4.0%<br>0.3%<br>1.0%<br>1.8%<br>0.9%<br>2.5%<br>1.7%<br>0.7%<br>1.6%<br>2.7%<br>1.8%<br>1.8%<br>-1.0%<br>3.9%<br>-0.1%<br>1.0%<br>0.6%<br>0.5%<br>1.5%|
|ws the 22 countries in our main sample and <br>ich annual disbursements from the World Ba<br>ntries in the sample. _Annual WB aid (% of _<br> _GDP)_ is annual Ofcial Development Assi<br>17 countries classifed as havens. _Non-haven_<br> _in %)_ is the quarterly percentage change in<br>_haven deposits (growth in %)_ is the quarterl<br>erly log-levels). _GDP (growth in %)_ is the q<br>Haven<br>deposits<br>(million USD)<br>Non-haven<br>deposits<br>(million USD)<br>Haven<br>deposits<br>(quarterly growth<br>rate)<br>34<br>71<br>3.27%<br>38<br>17<br>6.87%<br>32<br>88<br>1.51%<br>103<br>19<br>0.48%<br>8<br>11<br>2.29%<br>64<br>155<br>1.61%<br>76<br>446<br>2.12%<br>8<br>16<br>3.14%<br>33<br>103<br>3.60%<br>11<br>12<br>4.11%<br>193<br>232<br>0.32%<br>31<br>82<br>3.97%<br>27<br>133<br>0.78%<br>32<br>150<br>2.14%<br>40<br>161<br>3.19%<br>29<br>79<br>-0.25%<br>149<br>41<br>0.06%<br>4<br>8<br>-1.11%<br>32<br>82<br>-0.37%<br>145<br>437<br>2.46%<br>73<br>188<br>2.36%<br>117<br>306<br>2.67%<br>61<br>136<br>2.02%|
|**Table 1: Descriptive statistics.** The table sho<br>our analysis. The sample includes all countries for wh<br>on average. _Sample mean_ is the average of the 22 cou<br>as a fraction of annual GDP. _Annual ODA aid (% of _<br>GDP. _Haven deposits_ is foreign deposits held in the <br>classifed as havens. _Haven deposits (quarterly growth_<br>(measured as the change in quarterly log-levels)._Non-_<br>classifed as havens (measured as the change in quart<br>diference in quarterly log-levels of GDP)<br>Annual<br>WB aid<br>flows<br>(%GDP)<br>Annual<br>ODA aid<br>flows<br>(%GDP)<br>Afghanistan<br>2.5%<br>33.5%<br>Armenia<br>2.3%<br>4.3%<br>Burkina Faso<br>2.3%<br>8.1%<br>Burundi<br>3.8%<br>11.8%<br>Eritrea<br>3.2%<br>12.7%<br>Ethiopia<br>2.2%<br>6.1%<br>Ghana<br>2.7%<br>5.3%<br>Guinea-Bissau<br>3.2%<br>18.5%<br>Guyana<br>2.5%<br>6.5%<br>Kyrgyz Republic<br>2.1%<br>4.8%<br>Madagascar<br>2.7%<br>6.6%<br>Malawi<br>3.9%<br>10.6%<br>Mali<br>2.1%<br>7.9%<br>Mauritania<br>2.1%<br>6.8%<br>Mozambique<br>3.3%<br>19.0%<br>Niger<br>2.0%<br>8.5%<br>Rwanda<br>2.7%<br>13.7%<br>Sao Tome and Principe<br>2.3%<br>18.4%<br>Sierra Leone<br>3.2%<br>10.3%<br>Tanzania<br>2.4%<br>8.8%<br>Uganda<br>3.3%<br>7.6%<br>Zambia<br>2.9%<br>10.2%<br>Sample mean<br>2.7%<br>10.1%|

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