▁instead ▁tends ▁to ▁be ▁am ass ed ▁and ▁shelter ed ▁in ▁tax ▁ha vens ▁with ▁a ▁negative ▁effect ▁on ▁the ▁tax ▁bases ▁of ▁the ▁home ▁economy . ▁ ▁In ▁ 2 0 1 3 , ▁Pope ▁Francis ▁referred ▁to ▁" tr ick le - down ▁theories " ▁in ▁his ▁apost ol ic ▁ex h ort ation ▁Evangel ii ▁Ga ud ium ▁with ▁the ▁following ▁statement ▁( No . ▁ 5 4 ): ▁▁ ▁A ▁ 2 0 1 5 ▁paper ▁by ▁research ers ▁for ▁the ▁International ▁Mon et ary ▁Fund ▁arg ues ▁that ▁there ▁is ▁no ▁trick le - down ▁effect ▁as ▁the ▁rich ▁get ▁rich er : ▁[ I ] f ▁the ▁income ▁share ▁of ▁the ▁top ▁ 2 0 ▁percent ▁( the ▁rich ) ▁increases , ▁then ▁G DP ▁growth ▁actually ▁decl ines ▁over ▁the ▁medium ▁term , ▁suggesting ▁that ▁the ▁benefits ▁do ▁not ▁trick le ▁down . ▁In ▁contrast , ▁an ▁increase ▁in ▁the ▁income ▁share ▁of ▁the ▁bottom ▁ 2 0 ▁percent ▁( the ▁poor ) ▁is ▁associated ▁with ▁higher ▁G DP ▁growth . ▁ ▁A ▁ 2 0 1 5 ▁report ▁on ▁policy ▁by ▁econom ist ▁Pav l ina ▁R . ▁T cher ne va ▁described ▁the ▁fail ings ▁of ▁increasing ▁economic ▁g ains ▁of ▁the ▁rich ▁without ▁comm ens ur ate ▁participation ▁by ▁the ▁working ▁and ▁middle ▁classes , ▁referring ▁to ▁the ▁problem atic ▁policies ▁as ▁" Re agan - style ▁trick le - down ▁econom ics ," ▁and ▁" a ▁trick le - down , ▁financial