This paper develops a theoretical model of corporate taxation in the presence of financially integrated multinational firms. Under the assumption that multinational firms at least partly use internal loans to finance foreign investment, we find that the optimal corporate tax rate is positive...

The rules demarcating debt and equity for tax purposes differ across countries, hence the possibility that a hybrid instrument is treated as equity in one country and debt in another and that a firm with foreign investment can combine tax favored dividend income in the home country and tax...

This paper studies how the global minimum tax shapes national tax policies and welfare in a formal model of international tax competition with heterogeneous countries. The net welfare effect is generally ambiguous from the perspective of non-havens. On the one hand, the global minimum tax raises...

Offshore tax havens cause large losses of government revenue by facilitating tax evasion by wealthy individuals. This paper focuses on offshore tax evasion in developing countries and documents two empirical regularities. First, there is no clear development gradient in the exposure to offshore...