| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27048 |
| 来源ID | Working Paper 27048 |
| Elusive Safety: The New Geography of Capital Flows and Risk | |
| Laura Alfaro; Ester Faia; Ruth A. Judson; Tim Schmidt-Eisenlohr | |
| 发表日期 | 2020-04-27 |
| 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 Economics ; International Factor Mobility ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w27048 |
| 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/584720 |
| 推荐引用方式 GB/T 7714 | Laura Alfaro,Ester Faia,Ruth A. Judson,et al. Elusive Safety: The New Geography of Capital Flows and Risk. 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 | ||
| w27048.pdf（2082KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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