| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14636 |
| DP14636 Elusive Safety: The New Geography of Capital Flows and Risk | |
| Laura Alfaro; Ester Faia; Ruth Judson; Tim Schmidt-Eisenlohr | |
| 发表日期 | 2020-04-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | A confidential dataset with industry-level disaggregation of U.S. cross-border claims and liabilities, shows U.S. securities to be increasingly intermediated by tax-haven- financial-centers (THFC) and less regulated funds. These securities are risky, in intangible-intensive sectors, requiring higher Sharpe ratios; while the foreign-official sector mainly holds Treasuries. Facts on private securities are rationalized through a model where firms with heterogeneous default probabilities, and funded by global intermediaries, endogenously locate affiliates in THFCs. A decline in the cost of funds or in THFC’s taxes/regulation, raises profits and firms’ incentives to enter THFCs. Firms appear elusively safe, intermediaries reduce monitoring incentives and debt risk increases. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Tax havens/financial centers Tax avoidance Regulatory arbitrage Risk Uncertainty Heterogeneous firms Endogenous entry Endogenous monitoring |
| URL | https://cepr.org/publications/dp14636-3 |
| 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/543548 |
| 推荐引用方式 GB/T 7714 | Laura Alfaro,Ester Faia,Ruth Judson,et al. DP14636 Elusive Safety: The New Geography of Capital Flows and Risk. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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