Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2013
that internal and external debt shifting are of about equal relevance. … utilizing the standard debt tax shield, multinationals can shift debt from affiliates in low-tax countries to affiliates in high … external debt is used, and that internal lending should be conducted through a financial center in the lowest-taxed affiliate …