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소장정보 검색

국회도서관 홈으로 정보검색 소장정보 검색
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Title page 1

Contents 1

Abstract 3

1. Introduction 4

2. Institutional background 9

3. Data 11

4. The labor market in ZFM before the reform 12

4.1. ZFM firms 12

4.2. ZFM workers 14

4.3. The costs of profit shifting: labor costs 18

5. The impact of the reform on employment and individual workers 19

5.1. Aggregate employment 20

5.2. Incumbents 21

5.3. Movers 26

5.4. Taking stock of the impact of the reform on employment 28

6. Conclusion and policy implications 29

References 30

Appendices 35

A. Further institutional details 35

B. Firms in ZFM before the reform 39

C. Workers in ZFM before the reform 42

D. Impact of the reform on incumbent workers: matching procedure and descriptive statistics 43

E. Impact of the reform on incumbent workers: heterogeneity by education level 46

G. Movers: further results 49

Tables 15

Table 1. Workers in ZFM exhibit several distinct attributes compared to those in the rest of Madeira/Portugal 15

Table 2. Workers in ZFM earn higher wages - Mincerian equations 16

Table 3. The wage gap in ZFM is higher for top executives, workers with tertiary education and foreign nationality 18

Table 4. Firms with zero workers before the reform (mailbox firms) were more more likely to exit ZFM after the reform is announced 20

Table 5. Characteristics and type of jobs of movers (2011-2014) 26

Table 6. Movers are more likely to have part-time and temporary contracts and to work for mailbox companies 27

Table 7. Movers earn lower wages than incumbent stayers (2011-2014) 28

Table 8. Main characteristics of ZFM workers in 2010 and 2014 28

Figures 4

Figure 1. Employment in targeted sectors before and after the introduction of economic substance requirements in tax havens in 2019 4

Figure 2. Tax benefits granted to firms in ZFM 10

Figure 3. Firms in ZFM have few workers 13

Figure 4. Average profit and turnover per worker of ZFM firms are several orders of magnitude larger than in the rest of Portugal 13

Figure 5. Workers in ZFM earn higher wages - monthly wage distributions (2009-2010) 16

Figure 6. Employment levels and the wage bill of firms in ZFM remained stable over time 21

Figure 7. The reform led to an increased exit of ZFM workers from the Portuguese labor market 23

Figure 8. The reform led to an increase in multiple job-holding and part-time employment for incumbents in ZFM, conditional on staying in the Portuguese labor market 24

Figure 9. The reform led to a wage increase for incumbents in ZFM, conditional on staying in the Portuguese labor marke 25

Appendix Tables 36

Table A.1. Requirements imposed by the ZFM's reform in 2012 36

Table B.1. Firm descriptive statistics - 2009-2010 (firms with workers) 39

Table B.2. Broad sectors of activity of firms in Portugal, % of the number of firms - 2009-2010 40

Table B.3. Broad sectors of activity of firms in ZFM, % - 2009-2010 40

Table B.4. Gross profit per worker (firms with workers, ln) - 2009-2010 41

Table C.1. Top 5 occupations in ZFM (2 digits) - 2009-2010 42

Table C.2. Robustness to Table 3 42

Table D.1. Descriptive statistics for treated and control group after matching (2010) 44

Table D.2. Descriptive statistics for treated and control group after matching (2010): restricting treated workers to those that stay in the Portuguese labor market in 2010-2012 45

Table G.1. Characteristics and type of jobs of movers (2011-2014) 49

Table G.2. Movers' demographics relative to incumbents (2011-2014) 51

Table G.3. Movers to 2010 mailboxes earn lower wages than incumbent stayers (2011-2014) 51

Appendix Figures 41

Figure B.1. Average turnover and profit per worker of foreign firms in Portugal 41

Figure E.1. Number of firms of each worker 46

Figure E.2. Probability of working part-time 46

Figure E.3. Monthly wages 47

Figure F.1. Robustness exercise 48

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