| 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 nationality in aggregate statistics. We associate the universe of traded securities with their issuer's ultimate parent and restate bilateral investment positions to better reflect the true financial linkages connecting countries around the world. We find that 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, while China's official net creditor position to the rest of the world is overstated by about 50 percent. We additionally show how taking account of offshore issuance is important for our understanding of the currency composition of external portfolio liabilities, the nature of foreign direct investment, and the growth of financial globalization. |
| 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/dp14508-0 |
| 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/543410 |
| 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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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