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

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