This seminar will present new data on whether CBI programmes, despite the criticism, have achieved their objective of fostering economic growth.
Citizenship-by-investment (CBI) programmes have proliferated in recent years, especially, but not exclusively, among microstates, as part of the offshoring service industry.
Although the rise of these politically controversial programmes has been well studied, there is remarkably scant literature on whether they actually achieve their stated objectives. The paper leverages original longitudinal data on the global rise of CBI programmes since 1960 to analyse, first, their effect on inflows of foreign direct investment and, subsequently, whether this is associated with economic growth.
The authors apply a fixed-effects counterfactuals model suitable for time-series cross-sectional analysis with binary treatments under hypothetical baseline randomisation. This preliminary version of the paper explores whether CBI programmes succeed in attracting higher FDI inflows, especially among tax havens. In subsequent work, the authors will investigate whether the introduction of investor citizenship programmes results in higher levels of economic growth.
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