Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm - 2008
analysis of international debt shifting. We point out that the model fails to account for internal debt, and that once internal … debt is properly accounted for, the external debt mechanism they propose is not identified in the empirical analysis. We … also point out that affiliate specific debt costs reduce affiliate dividends. When this is implemented in the model, their …