思維方式：極其強(qiáng)悍岛蚤，也是一個(gè)人人都可以想到的觀點(diǎn)——世界上有一些私人財(cái)富藏在避稅天堂里瞄崇，因而沒有被計(jì)入公開賬戶計(jì)算刚操，造成最終全球資產(chǎn)為負(fù)的這個(gè)“國際投資統(tǒng)計(jì)之迷”（negative net foreign asset position）蜀细。結(jié)論預(yù)計(jì)全球有6%的財(cái)富是不公開的谤逼，其中絕大部分是私人財(cái)富贵扰。但通觀全文之后，本文沒有用到計(jì)量流部，只是通過數(shù)據(jù)之間的關(guān)系（稅收戚绕、收入、貿(mào)易等）枝冀，直接進(jìn)行推算舞丛，試圖補(bǔ)平gap。但這篇是第一篇研究私人財(cái)富和避稅的文章果漾。
摘要：There are two puzzles in international investment statistics. First, the world as a whole is a net debtor. Next, contrary to what the neoclassical growth model suggests, the rich world is a net debtor. Both puzzles, I argue, stem from the fact that international accounts miss most of the wealth held by households through tax havens. I use systematic inconsistencies in portfolio investment positions and a unique Swiss dataset to study households’ offshore wealth. I find that 8% of the global financial wealth of households is held offshore, of which at least 6% is unrecorded. The bulk is invested in mutual funds. Most Swiss accounts belong to Europeans. Under minimal assumptions, accounting for tax havens turns the euro area, officially the world’s second biggest net debtor, into a net creditor. It also significantly reduces the U.S. net negative position. I conclude with concrete proposals to improve international investment statistics.
文章結(jié)構(gòu)：
Section II：
There are three broad categories of cross-border claims: direct investments (holdings of over 10%), portfolio securities (equities and bonds that do not qualify as direct investment), and other assets (mainly loans and deposits)球切。——截至2008年绒障，Security 是最大的一部分
于是吨凑，作者開始探究如何record security。
結(jié)論：通過離岸市場(chǎng)第三方持有的話——in tax havens with strict bank secrecy rules, banks do not generally report information.
原理：為何離岸資產(chǎn)組合是國際統(tǒng)計(jì)的盲點(diǎn)——When French households entrust U.S. securities to Swiss banks, these assets cannot be captured by surveying French custodians. They go completely unrecorded in the French IIP。
具體操作方式舉例：Investing in a Luxembourg fund through a Swiss account makes perfect sense for a French tax evader: Luxembourg does not withhold taxes on cross-border payments, so the tax evader receives the full dividend paid by the fund on his or her account, and French personal income tax can be evaded, since there is no automatic exchange of information between Swiss banks and the French tax authority.
評(píng)論：由于數(shù)據(jù)太少鸵钝，很多靠推斷糙臼，卻要在QJE這樣的期刊上發(fā)，導(dǎo)致這篇文章的文風(fēng)恩商，像偵探小說变逃，又或者大陸公知一樣——To address these challenges, many studies exist to rely on, drawing on independent sources. By construction, my figures are in line with these studies, which makes me confident in their accuracy.
結(jié)論：At end 2008, the global net financial wealth of households – households’ bank deposits, equities, bonds, and insurance contracts, net of debts – was about $74tr.30By my estimate, individuals held unrecorded portfolios worthΩ=$4.5tr in tax havens – that is, about 6% of their net financial wealth. around 8% of the global financial wealth of households is held in tax havens, three-quarters of which goes unrecorded.
政策建議：1. countries should exchange data on portfolio securities held offshore by house-holds. ? 2. Cross-border banking data on the household sector should be compiled on a beneficial ownership basis.
