scholarly journals Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens

2020 ◽  
Author(s):  
Antonio Coppola ◽  
Matteo Maggiori ◽  
Brent Neiman ◽  
Jesse Schreger
Keyword(s):  
Capital Flows ◽  
Tax Havens ◽  
Global Capital ◽  
Cross Border

scholarly journals Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens

2020 ◽  
Author(s):  
Antonio Coppola ◽  
Matteo Maggiori ◽  
Brent Neiman ◽  
Jesse Schreger
Keyword(s):  
Capital Flows ◽  
Tax Havens ◽  
Global Capital ◽  
Cross Border

scholarly journals Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens

2020 ◽  
Author(s):  
Antonio Coppola ◽  
Matteo Maggiori ◽  
Brent Neiman ◽  
Jesse Schreger
Keyword(s):  
Capital Flows ◽  
Tax Havens ◽  
Global Capital ◽  
Cross Border

scholarly journals Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens*

2021 ◽  
Author(s):  
Antonio Coppola ◽  
Matteo Maggiori ◽  
Brent Neiman ◽  
Jesse Schreger
Keyword(s):  
Developed Countries ◽  
The United States ◽  
Foreign Subsidiaries ◽  
National Accounts ◽  
Tax Havens ◽  
Global Capital ◽  
Cross Border ◽  
Currency Composition ◽  
The Universe

Abstract 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. Bilateral 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. 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 on the geographic distribution of sales.

scholarly journals The Dollar, Bank Leverage, and Deviations from Covered Interest Parity

2019 ◽  
Vol 1 (2) ◽  
pp. 193-208 ◽  
Author(s):  
Stefan Avdjiev ◽  
Wenxin Du ◽  
Cathérine Koch ◽  
Hyun Song Shin
Keyword(s):  
Capital Markets ◽  
Risk Taking ◽  
Bank Lending ◽  
Global Capital ◽  
Cross Border ◽  
Covered Interest Parity ◽  
Interest Parity ◽  
Triangular Relationship

We document a triangular relationship in that a stronger dollar goes hand in hand with larger deviations from covered interest parity (CIP) and contractions of cross-border bank lending in dollars. We argue that underpinning the triangle is the role of the dollar as a key barometer of risk-taking capacity in global capital markets. (JEL F23, F31, G15, G21)

The IMF’s Jurisdiction Over The Capital Account—Reviewing the Role of Surveillance in Managing Cross-Border Capital Flows

2018 ◽  
Vol 21 (3) ◽  
pp. 489-507 ◽  
Author(s):  
Menno Broos ◽  
Sebastian Grund
Keyword(s):  
Capital Flows ◽  
Capital Account ◽  
Cross Border

The Role of Push and Pull Factors in Driving Global Capital Flows

2016 ◽  
Vol 62 (2) ◽  
pp. 117-146 ◽  
Author(s):  
Hardik A. Marfatia
Keyword(s):  
Capital Flows ◽  
Pull Factors ◽  
Push And Pull Factors ◽  
Global Capital ◽  
Push And Pull

The Fund's Role Regarding Cross-Border Capital Flows

Policy Papers ◽  
2010 ◽  
Vol 2010 (106) ◽  
Author(s):  
Keyword(s):  
Capital Flows ◽  
World Economy ◽  
Central And Eastern Europe ◽  
The United States ◽  
Mortgage Market ◽  
Global Capital ◽  
Cross Border ◽  
Advanced Economies ◽  
Informational Barriers ◽  
Macroeconomic Risks

Global capital flows have multiplied many times over in recent years, mainly between advanced economies but increasingly also to emerging markets, reflecting the general reduction in regulatory and informational barriers. Thus, with international asset positions now dwarfing output, global portfolio allocations and reallocations have profound effects on the world economy, as demonstrated by recent boombust episodes of both global reach (e.g., the transmission of the 2001 IT shock and the 2008 mortgage market shock from the United States) and regional significance (in Asia, Latin America, and Central and Eastern Europe). Such cycles and reversals in cross-border capital flows should not be surprising, given that these flows - more so than domestic ones - imply crossing informational barriers, currency and macroeconomic risks, and regulatory regimes.

Emerging market capital flows may stabilise in 2016

2016 ◽  
Keyword(s):  
Monetary Policy ◽  
Capital Flows ◽  
Direct Investment ◽  
Emerging Market ◽  
Content Type ◽  
Global Capital ◽  
Cross Border ◽  
The Us ◽  
Global Growth ◽  
Economic Outlook

Subject Outlook for global capital flows. Significance Foreign direct investment (FDI) into emerging markets (EMs) rose slightly in 2015, according to the latest UNCTAD report on capital flows, as the growth of FDI in Asia offset losses in other areas. In the light of this, fears of a collapse in global capital flows in 2016, exacerbated by poor global growth, the commodity sell-off and the risks associated with the US monetary policy tightening, may prove excessive. Impacts The sharp divergence in capital flow trends will continue, punishing energy and commodity producers. India may experience robust FDI increases, illustrating that not all EMs are out of favour. Any improvement in the global economic outlook will translate into stronger cross-border flows.

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