全球智库信息集成服务系统(G2TT): DP14508 Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14508
	DP14508 Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens
	Antonio Coppola; Matteo Maggiori; Brent Neiman; Jesse Schreger
发表日期	2020-03-18
出版年	2020
语种	英语
摘要	Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their true economic location in official statistics. We associate the universe of traded securities issued by firms in tax havens with their issuer’s ultimate parent and restate bilateral investment positions to better reflect the financial linkages connecting countries around the world. Portfolio investment from developed countries to firms in large emerging markets is dramatically larger than previously thought. The national accounts of the United States, for example, understate the U.S. position in Chinese firms by nearly 600 billion dollars, while China’s official net creditor position to the rest of the world is overstated by about 50 percent. Further, we demonstrate how offshore issuance in tax havens affects our understanding of the currency composition of external portfolio liabilities and the nature of foreign direct investment. Finally, we provide additional restatements of bilateral investment positions, including one based the geographic distribution of sales.
主题	Financial Economics ; International Macroeconomics and Finance ; International Trade and Regional Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations ; Public Economics
URL	https://cepr.org/publications/dp14508-1
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/543409
推荐引用方式 GB/T 7714	Antonio Coppola,Matteo Maggiori,Brent Neiman,et al. DP14508 Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens. 2020.