International debt and special purpose entities: Evidence from Ireland

Vahagn Galstyan, Eduardo Maqui and Peter McQuade

Journal of International Money and Finance, 2021, vol. 115, issue C

Abstract: This paper examines international debt financing 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-codes: F30 G15 G23 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (8)

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Related works:
Working Paper: International Debt and Special Purpose Entities: Evidence from Ireland (2019)
Working Paper: International debt and Special Purpose Entities: evidence from Ireland (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:115:y:2021:i:c:s0261560621000474

DOI: 10.1016/j.jimonfin.2021.102398

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