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Chart of the day, offshore tax haven market-share edition

Summary:
Annette Alstadsæter, Niels Johannesen, and Gabriel Zucman have posted a new working paper that offers new details about the composition of wealth held in offshore tax havens.Partly updating earlier work by Zucman, they write:In 2016, a number of prominent offshore financial centers—including Switzerland, Luxembourg, the Channel Islands, and Hong Kong—started disclosing bilateral data on the amount of bank deposits that foreigners own in their banks.These data have been collected for several decades by the Bank for International Settlements (BIS), but until 2016 the BIS only disclosed statistics aggregated at the country level (such as the total amount of foreign-owned bank deposits in Hong Kong) rather than at the bilateral level (such as the amount of bank deposits owned by Indian

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Annette Alstadsæter, Niels Johannesen, and Gabriel Zucman have posted a new

Cardiff Garcia
Cardiff writes mostly about US macroeconomic issues, with daily excursions into other topics about which he claim no expertise. Before Alphaville, Cardiff spent a little more than two years as a reporter at Dow Jones Financial News covering investment banking, asset management, and private equity. Along the way he has written freelance pieces on a variety of other topics from behavioural psychology to Muay Thai, the latter also being a personal interest that involves frequently getting kicked in the shins (and torso, and head).

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