The Experts below are selected from a list of 360 Experts worldwide ranked by ideXlab platform
Jesse Schreger - One of the best experts on this subject based on the ideXlab platform.
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redrawing the map of Global Capital flows the role of cross border financing and tax havens
Research Papers in Economics, 2020Co-Authors: Antonio Coppola, Matteo Maggiori, Brent Neiman, Jesse SchregerAbstract:Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their nationality in aggregate statistics. We associate the universe of traded securities with their issuer's ultimate parent and restate bilateral investment positions to better reflect the true financial linkages connecting countries around the world. We find that 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, while China's official net creditor position to the rest of the world is overstated by about 50 percent. We additionally show how taking account of offshore issuance is important for our understanding of the currency composition of external portfolio liabilities, the nature of foreign direct investment, and the growth of financial Globalization.
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redrawing the map of Global Capital flows the role of cross border financing and tax havens
Social Science Research Network, 2020Co-Authors: Antonio Coppola, Matteo Maggiori, Brent Neiman, Jesse SchregerAbstract: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. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
Matteo Maggiori - One of the best experts on this subject based on the ideXlab platform.
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redrawing the map of Global Capital flows the role of cross border financing and tax havens
Research Papers in Economics, 2020Co-Authors: Antonio Coppola, Matteo Maggiori, Brent Neiman, Jesse SchregerAbstract:Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their nationality in aggregate statistics. We associate the universe of traded securities with their issuer's ultimate parent and restate bilateral investment positions to better reflect the true financial linkages connecting countries around the world. We find that 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, while China's official net creditor position to the rest of the world is overstated by about 50 percent. We additionally show how taking account of offshore issuance is important for our understanding of the currency composition of external portfolio liabilities, the nature of foreign direct investment, and the growth of financial Globalization.
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redrawing the map of Global Capital flows the role of cross border financing and tax havens
Social Science Research Network, 2020Co-Authors: Antonio Coppola, Matteo Maggiori, Brent Neiman, Jesse SchregerAbstract: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. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
Kevin Fox Gotham - One of the best experts on this subject based on the ideXlab platform.
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the secondary circuit of Capital reconsidered Globalization and the u s real estate sector1
American Journal of Sociology, 2006Co-Authors: Kevin Fox GothamAbstract:The author examines the U.S. real estate sector to show how the state shapes Global real estate flows and networks of activity through the creation and control of liquid resources. The analysis focuses on the role of state laws and regulations in the expansion of the mortgage‐backed securities markets and the development of real estate investment trusts (REITs). These institutional developments represent a series of ad hoc state efforts to “delocalize” residential and commercial property, and embed real estate financing within Global Capital markets. Rather than viewing Globalization as weakening the state, the author argues that the U.S. state’s capacity to influence the degree and development of liquidity is a powerful mechanism of Globalization.
Marcel Fratzscher - One of the best experts on this subject based on the ideXlab platform.
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Capital flows push versus pull factors and the Global financial crisis
Journal of International Economics, 2012Co-Authors: Marcel FratzscherAbstract:The causes of the 2008 collapse and subsequent surge in Global Capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio Capital flows to 50 economies, the paper finds that common shocks – key crisis events as well as changes to Global liquidity and risk – have exerted a large effect on Capital flows both in the crisis and in the recovery. However, these effects have been highly heterogeneous across countries, with a large part of this heterogeneity being explained by differences in the quality of domestic institutions, country risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects show that common factors (“push” factors) were overall the main drivers of Capital flows during the crisis, while country-specific determinants (“pull” factors) have been dominant in accounting for the dynamics of Global Capital flows in 2009 and 2010, in particular for emerging markets.
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Capital flows push versus pull factors and the Global financial crisis
Journal of International Economics, 2012Co-Authors: Marcel FratzscherAbstract:Abstract The causes of the 2008 collapse and subsequent surge in Global Capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio Capital flows to 50 economies, the paper finds that common shocks – key crisis events as well as changes to Global liquidity and risk – have exerted a large effect on Capital flows both in the crisis and in the recovery. However, these effects have been highly heterogeneous across countries, with a large part of this heterogeneity being explained by differences in the quality of domestic institutions, country risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects show that common factors (“push” factors) were overall the main drivers of Capital flows during the crisis, while country-specific determinants (“pull” factors) have been dominant in accounting for the dynamics of Global Capital flows in 2009 and 2010, in particular for emerging markets.
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Capital flows push versus pull factors and the Global financial crisis
Research Papers in Economics, 2011Co-Authors: Marcel FratzscherAbstract:The causes of the 2008 collapse and subsequent surge in Global Capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio Capital flows to 50 economies, the paper finds that common shocks – key crisis events as well as changes to Global liquidity and risk – have exerted a large effect on Capital flows both in the crisis and in the recovery. However, these effects have been highly heterogeneous across countries, with a large part of this heterogeneity being explained by differences in the quality of domestic institutions, country risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects shows that common factors (“push” factors) were overall the main drivers of Capital flows during the crisis, while country-specific determinants (“pull” factors) have been dominant in accounting for the dynamics of Global Capital flows in 2009 and 2010, in particular for emerging markets. JEL Classification: F3, F21, G11
Brent Neiman - One of the best experts on this subject based on the ideXlab platform.
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redrawing the map of Global Capital flows the role of cross border financing and tax havens
Research Papers in Economics, 2020Co-Authors: Antonio Coppola, Matteo Maggiori, Brent Neiman, Jesse SchregerAbstract:Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their nationality in aggregate statistics. We associate the universe of traded securities with their issuer's ultimate parent and restate bilateral investment positions to better reflect the true financial linkages connecting countries around the world. We find that 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, while China's official net creditor position to the rest of the world is overstated by about 50 percent. We additionally show how taking account of offshore issuance is important for our understanding of the currency composition of external portfolio liabilities, the nature of foreign direct investment, and the growth of financial Globalization.
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redrawing the map of Global Capital flows the role of cross border financing and tax havens
Social Science Research Network, 2020Co-Authors: Antonio Coppola, Matteo Maggiori, Brent Neiman, Jesse SchregerAbstract: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. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
