Patterns of Reallocation of Portfolio Investment In Tax Havens

These interactive charts show the network through which companies around the world raise bond and equity financing from developed economy investors via affiliates located in tax havens. The amounts on the right show the total amount of investment reallocated to each country from tax havens, and each of the colored lines break down these amounts according to their source tax haven. All amounts are in billions of U.S. dollars and correspond to our restatements of the U.S. Treasury’s International Capital System (TIC) data and of the IMF’s Coordinated Portfolio Investment Survey (CPIS). For the United States we plot investments in common equities and corporate bonds, while for all other countries we plot investments in overall equities and bonds. For more details, please see: Coppola, Antonio, Matteo Maggiori, Brent Neiman, and Jesse Schreger, “Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens”, Quarterly Journal of Economics, 2021. The data underlying the graphs and related estimates are available here.