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Article Dans Une Revue Journal of International Money and Finance Année : 2022

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

Résumé

Complex 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.

Dates et versions

hal-03670567 , version 1 (17-05-2022)

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Anne-Laure Delatte, Amelie Guillin, Vincent Vicard. Grey zones in global finance: The distorted geography of cross-border investments. Journal of International Money and Finance, 2022, 120, ⟨10.1016/j.jimonfin.2021.102540⟩. ⟨hal-03670567⟩
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