Automatic for the (tax) people: information sharing and cross-border investment in tax havens
研究国际自动信息交换协议对避税天堂跨境投资的影响，发现其显著减少了跨境存款，但家庭存款转向非协议避税天堂，非银行金融机构则通过空壳公司网络增加投资。
Summary This paper examines the impact of international automatic exchange of information (AEOI) treaties on cross-border investments in tax havens. Using a restricted version of the BIS Locational Banking Statistics, we find that AEOIs significantly reduced cross-border deposits. A sectoral breakdown assessment reveals that households were the key driving force behind this contraction. However, we also document evidence of households’ deposits shifting to non-AEOI haven countries and larger deposits by non-bank financial institutions between tax haven countries, suggesting an increased use of shell corporation networks since AEOI introduction. Extending the analysis to portfolio and direct investment, we observe that changes in investment patterns vis-à-vis tax havens are consistent with a significant impact of AEOI treaties on these forms of cross-border investment.