000			01876nab a2200277 c 4500
999			_c142399 _d142399
003			ES-MaIEF
005			20200824102322.0
007			ta
008			200824t2020 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_958697 _aHeckemeyer, Jost Heinrich
245		0	_aInformation exchange and tax haven investment in OECD securities markets _c Jost H. Heckemeyer and Aaron K. Hemmerich
260			_c2020
500			_aResumen.
504			_aBibliografía.
520			_aExploiting rich International Monetary Fund (IMF) data on bilateral portfolio investment stocks, we document that tax haven-outbound foreign portfolio investment (FPI) in Organisation for Economic Co-operation and Development (OECD) securities markets shows a significantly different response to tax information exchange as compared to outbound FPI from nonhavens. This is evidence of a tax evasion component in tax haven portfolio assets located in the OECD. The total effect of a new information exchange agreement on the stock of haven-outbound FPI is approximately -3.5 percent, on average, but with considerable variation across the 21 tax havens included in this study. Bahrain, Jersey, and Macao show the strongest declines in outbound FPI holdings after increasing transparency through additional information exchange agreements, followed by the Bahamas, the Cayman Islands, the Isle of Man, and Singapore.
650		4	_947499 _aINTERCAMBIO DE INFORMACION TRIBUTARIA
650		4	_947950 _aPARAISOS FISCALES
650		4	_944029 _aEVASION FISCAL
650		4	_947736 _aMERCADOS FINANCIEROS
650		4	_947856 _aORGANIZACION DE COOPERACION Y DESARROLLO ECONOMICO
700	1		_968163 _aHemmerich, Aaron Karl‏
773	0		_9162565 _oOP 233/2020/2 _tNational Tax Journal _w(IEF)86491 _x 0028-0283 _gv. 73, n. 2, June 2020, p. 291-330
942			_cART