Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/208335
Authors: 
Galstyan, Vahagn
Maqui, Eduardo
McQuade, Peter
Year of Publication: 
2019
Series/Report no.: 
ECB Working Paper No. 2301
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.
Subjects: 
international finance
special purpose entities (SPEs)
JEL: 
F36
G23
G15
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3563-0
Document Type: 
Working Paper

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