LORENZO GARLANDA-LONGUEVILLE

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Photo Lorenzo Garlanda-Longueville
JEUNES DOCTEURS ET ATER

LORENZO GARLANDA-LONGUEVILLE

Research group

explore Macroéconomie internationale, finance, matières premières et économétrie financière

Coordonnées

Ressources

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PRESENTATION

Contact information

 

EconomiX (CNRS UMR 7235), Bureau : 601 (Bât. G)
UFR SEGMI, Université Paris-Nanterre
200 avenue de la République, 92001 NANTERRE CEDEX

Email : lorenzo.gl@parisnanterre.fr

 

Current situation

PhD student in economics since September 2020

  • Subjects : Essays on profit shifting in the banking sector and its impact on financial stability
  • Supervisor : Prof. Valérie MIGNON

Education

2020: Master of International Economics and Macroeconomic Policy, University of Paris-Nanterre, passed with high honors
2018 : Bachelor of Economics and Management, Minor in English, University of Paris-Nanterre, passed with honors

 

Internship

 

From March to August 2020, Economist, Banque de France, "Direction de la Balance des Paiements" (Balance of Payments Department), Financial Intermediaries.

  • Supervisor : Kevin PARRA-RAMIREZ
  • Missions : Study on intragroup loans in the banking sector

 

Teaching

 

Sept. 2020, 2021, 2022 3d Year Undergraduate in Economics : Macroeconomic Dynamics (Teaching Assistant)

January 2022 Master in Economics : Multivariate Times Series (Teaching Assistant)

January 2021 2d Year Undergraduate in Business : Macroeconomics (Teaching Assistant)

 

 

 

PUBLICATIONS

2025-43

Why Do Banks Have So Much Debt In Tax Havens?

Lorenzo Garlanda-Longueville, Mathias Lé, Kevin Parra Ramirez

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Abstract
Tax havens represent the largest financing hub for financial institutions. For banks, they account for more than 20% of all cross-border banking debts worldwide. Yet, our understanding of the underlying drivers remains limited, partly due to data scarcity and partly because of the difficulty of disentangling tax incentives from regulatory effects. Drawing on a unique global dataset covering major international banks and offshore financial centres – and employing a novel approach to isolate regulatory arbitrage – this paper finds that the location of cross-border intra-group debt held by multinational banks is shaped by tax considerations, even when regulatory differences are accounted for. In doing so, we provide, for the first time, direct evidence of profit shifting via debt shifting at a global scale, overcoming a key limitation of existing studies, which typically rely on single-country data. Based on our sample data, we show that the magnitude of “excess” offshore banking debt globally recorded in tax havens is significant.
Mot(s) clé(s)
Profit shifting, Debt shifting, Multinational banks, Taxation, Intragroup transactions
2025-16

The Effects of Monetary Policy on Cross-Border Banking between China and Hong Kong

Lorenzo Garlanda-Longueville

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Abstract
Hong Kong has been China’s largest net banking creditor from 2009 to 2023, with an important decline starting in 2015. This paper presents an explanation for this decline and assess the impact of Chinese and US monetary policy on international positions between China and Hong Kong during this period, using a local projection approach. Our results indicate that a large part of the decline in the level of outstanding amounts can be attributed to the People’s Bank of China’s (PBoC) accommodative monetary policy and its direct consequence: the narrowing of the spread between Chinese interest rates and those of advanced countries. We explain this development by yield-seeking behavior on the part of international banks resident in Hong Kong. In line with recent literature on the transmission of Chinese monetary policy, we show that the PBoC now operates fully within a market interest rate logic and no longer through purely quantitative instruments (quotas, credit controls and reserve requirements). Finally, our results indicate that the effect of Chinese monetary policy on Hong Kong’s international banking assets is stronger than that of Fed policy, despite the currency peg to the dollar.
Mot(s) clé(s)
International Banking, Hong Kong, China, Monetary Policy
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