International Debt and Special Purpose Entities: Evidence from Ireland

Vahagn Galstyan, Eduardo Maqui and Peter McQuade
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Eduardo Maqui: European Central Bank

No 13/RT/19, Research Technical Papers from Central Bank of Ireland

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 importantmotive, particularly for sponsors of Irish-resident securitisation vehicles, while investor protection and financial development are important additional considerations for sponsors of non-securitisation vehicles.

Keywords: international finance; special purpose entities (SPEs). (search for similar items in EconPapers)
JEL-codes: F36 G15 G23 (search for similar items in EconPapers)
Date: 2019-10
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https://centralbank.ie/docs/default-source/publica ... cquade).pdf?sfvrsn=4 (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)
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Persistent link: https://EconPapers.repec.org/RePEc:cbi:wpaper:13/rt/19

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