World wealth report 1998

Available from British Library Document Supply Centre-DSC:9360.1772(1998) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo

Telecoms regulation in Europe A barrier to building the information superhighway

SIGLEAvailable from British Library Document Supply Centre-DSC:3668.239(EIU-RR--512P) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Du passage d’une contingence structurelle à une contingence comportementale ou de l’intérêt des pratiques de gestion et d’actualisation des connaissances en supply chain

International audienc

The missing wealth of nations: are Europe and the U.S. net debtors or net creditors?

This paper shows that official statistics substantially underestimate the net foreign asset positions of rich countries because they fail to capture most of the assets held by households in offshore tax havens. Drawing on a unique Swiss dataset and exploiting systematic anomalies in countries' portfolio investment positions, I find that around 8% of the global financial wealth of households is held in tax havens, three-quarters of which goes unrecorded. On the basis of plausible assumptions, accounting for unrecorded assets turns the eurozone, officially the world's second largest net debtor, into a net creditor. It also reduces the U.S. net debt significantly. The results shed new light on global imbalances and challenge the widespread view that, after a decade of poor-to-rich capital flows, external assets are now in poor countries and debts in rich countries. I provide concrete proposals to improve international statistics