By combining new macroeconomic statistics on the activities of multinational companies with the national accounts of tax havens and the world's other countries, we estimate that close to 40% of multinational profits are shifted to low-tax countries each year. Profit shifting is highest among...

In the wake of the financial crisis, a number of countries have introduced levies on bank borrowing with the aim of reducing risk in the financial sector. This paper studies the behavioural responses to the bank levies and evaluates the policy. We find that the levies induced banks to borrow...

Following the 2007-2008 Financial crisis, a large number of countries introduced levies on bank borrowing intended to reduce risk in the financial sector. This paper studies the behavioral responses to bank levies and finds that banks exposed to levies increased their reliance on equity funding,...