| 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 | Using a unique confidential data set with industry disaggregation of official U.S. claims and liabilities, we find that the growing dollar-denominated securities are also increasingly intermediated by tax havens financial centers (THFC) and by less reg- ulated funds. These securities are risky and respond to tax rates and prudential regulations, suggesting tax avoidance and regulatory arbitrage. Issuers are mostly intangible-intensive multinationals, investors require a high Sharpe ratio, suggesting search for yield. In contrast, safe treasuries are mainly held by the foreign official sector and increased with quantitative easing policies. Facts on privately held securities are rationalized through a model where multinationals with heterogeneous default probabilities endogenously choose to shift profits and are funded by global intermediaries with endogenous monitoring intensity. A fall in the costs of global funds, by increasing firms’ profits, shifts the distribution of entrants toward riskier ones and also reduces intermediaries’ incentives to monitor both the extensive (fraction of monitored firms) and intensive margin, hence raising ex post risk. Firms appear elusively safe. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Tax havens Geography of flows Profit shifting Tax avoidance Risk Safe assets Endogenous entry |
| URL | https://cepr.org/publications/dp14636-2 |
| 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/543549 |
| 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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