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Grey zones in global finance: The distorted geography of cross-border investments

hal.structure.identifierCenter for Economic Policy Research [CEPR]
hal.structure.identifierLaboratoire d'Economie de Dauphine [LEDa]
dc.contributor.authorDelatte, Anne-Laure
HAL ID: 742712
ORCID: 0000-0001-5365-8429
hal.structure.identifierEquipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique [ERUDITE]
dc.contributor.authorGuillin, Amelie
hal.structure.identifierCentre d'Etudes Prospectives et d'Informations Internationales [CEPII]
dc.contributor.authorVicard, Vincent
dc.date.accessioned2022-05-17T13:24:03Z
dc.date.available2022-05-17T13:24:03Z
dc.date.issued2022
dc.identifier.issn0261-5606
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/22946
dc.language.isoenen
dc.subjectCross-border investmentsen
dc.subjectCapital opennessen
dc.subjectTax havensen
dc.subjectGravity equationen
dc.subject.ddc332en
dc.subject.classificationjelH32en
dc.subject.classificationjelH22en
dc.subject.classificationjelG21en
dc.subject.classificationjelF23en
dc.titleGrey zones in global finance: The distorted geography of cross-border investmentsen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenComplex cross-border financial structures inflate measured international investment stocks in tax havens. Using a standard gravity framework, we estimate that about 40% of global assets (FDI, portfolio equity and debt) are ‘abnormal’ – unexplained – and operated through tax havens. Abnormal stocks are increasing over time and concentrated in a limited number of jurisdictions. Six jurisdictions including three European countries are the largest contributors: Cayman, Bermuda, Luxembourg, Hong Kong, Ireland and the Netherlands. Interestingly, the Luxleaks in 2014 do not appear to have diverted cross-border investments away.en
dc.relation.isversionofjnlnameJournal of International Money and Finance
dc.relation.isversionofjnlvol120en
dc.relation.isversionofjnldate2022-02
dc.relation.isversionofjnlpages102540en
dc.relation.isversionofdoi10.1016/j.jimonfin.2021.102540en
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2022-02-01T13:25:37Z
hal.identifierhal-03670567
hal.version1
dc.subject.classificationjelHALH.H3.H32en
dc.subject.classificationjelHALG.G2.G21en
dc.subject.classificationjelHALH.H2.H22en
dc.subject.classificationjelHALF.F2.F23en
hal.date.transferred2022-05-17T13:24:05Z
hal.author.functionaut
hal.author.functionaut
hal.author.functionaut


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