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Grey ZOnes in Global Finance: the Distorted Geography of Cross Border Investments

Abstract : Tax avoidance schemes generate artificially complex cross-border financial structures inflatingmeasured international investment stocks in tax havens. Using a standard gravity framework, weestimate that about 40\% of global assets (FDI, portfolio equity and debt) are 'abnormal' -unexplained - stocks. Abnormal stocks are increasing over time and concentrated in a limitednumber of jurisdictions. Six jurisdictions including three European countries are the largestcontributors: Cayman, Bermuda, Luxembourg, Hong Kong, Ireland and the Netherlands.Interestingly, the Luxleaks in 2014 do not appear to have diverted cross-border investments away
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https://hal-cnrs.archives-ouvertes.fr/hal-03101473
Contributor : Anne-Laure Delatte <>
Submitted on : Thursday, January 7, 2021 - 10:32:25 AM
Last modification on : Friday, January 8, 2021 - 3:33:31 AM

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  • HAL Id : hal-03101473, version 1

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Vincent Vicard, Guillin Amélie. Grey ZOnes in Global Finance: the Distorted Geography of Cross Border Investments. 2021. ⟨hal-03101473⟩

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