International debt and Special Purpose Entities: evidence from Ireland

Vahagn Galstyan, Eduardo Maqui and Peter McQuade

No 2301, Working Paper Series from European Central Bank

Abstract: This paper examines international debt issuance through Irish-resident Special Purpose Entities (SPEs). Using a unique new dataset covering the population of Irish-resident SPEs reporting to the Central Bank of Ireland over the period 2005-2017, we identify cross-country debt financing links channelled through SPEs. The empirical analysis suggests that tax optimisation is an important motive, particularly for sponsors of Irish-resident securitisation vehicles, while investor protection and financial development are important additional considerations for sponsors of non-securitisation vehicles. JEL Classification: F36, G23, G15

Keywords: international finance; special purpose entities (SPEs) (search for similar items in EconPapers)
Date: 2019-07
New Economics Papers: this item is included in nep-cfn
Note: 2105744
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.ecb.europa.eu//pub/pdf/scpwps/ecb.wp2301~b601812525.en.pdf (application/pdf)

Related works:
Journal Article: International debt and special purpose entities: Evidence from Ireland (2021)
Working Paper: International Debt and Special Purpose Entities: Evidence from Ireland (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20192301

Access Statistics for this paper

More papers in Working Paper Series from European Central Bank 60640 Frankfurt am Main, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Official Publications ().