| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26855 |
| 来源ID | Working Paper 26855 |
| 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 | 2020-03-16 |
| 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 | Macroeconomics ; International Economics ; Financial Economics |
| URL | https://www.nber.org/papers/w26855 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584528 |
| 推荐引用方式 GB/T 7714 | Antonio Coppola,Matteo Maggiori,Brent Neiman,et al. Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26855.pdf（829KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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