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1/5 New @CEPII_Paris working paper on #taxevasion with @VVicard and A. Guillin cepii.fr/CEPII/fr/publi…
We employ a standard gravity framework to quantify abnormal stocks of FDI and portfolio securities over 2009-2017 for up to 236 jurisdictions.
2/5 we provide evidence that about 40% of global asset are abnormal stocks and that: (a) the bulk of international assets in tax havens are `abnormal', i.e unexplained by standard gravity factors; (b) there is a strong heterogeneity among jurisdictions,
3/5 Heterogeneity on the #Map: the larger a country, the more their international financial exchanges are NOT driven by economic and geographic factors.
4/5 But all jurisidictions are NOT big ⬆️ Given their individual contribution to tax havens, the bulk of unexplained international investments is concentrated on six jurisdictions: #caymanislands, #Bermuda, #Luxemburg, #HongKong, #Ireland and the #Netherlands
5/5 While Luxembourg is among them, we find that the #Luxemburg #leaks were paradoxically followed by a ⬆️⬆️ of unexplained FDI in and from Luxembourg.
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