The hard shadow of the Greek economy: new estimates of the size of the underground economy and its fiscal impact
This article presents new estimates of the Greek underground economy and explores the link between the underground economy and aggregate debt. We show that the Greek underground economy has been underestimated heavily and has been on a rising trend again since Greece adopted the Euro. We also presen...
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| Veröffentlicht in: | Applied economics 2014-06, Vol.46 (18), p.2190-2204 |
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| container_issue | 18 |
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| container_title | Applied economics |
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| creator | Berger, Wolfram Pickhardt, Michael Pitsoulis, Athanassios Prinz, Aloys Sardà, Jordi |
| description | This article presents new estimates of the Greek underground economy and explores the link between the underground economy and aggregate debt. We show that the Greek underground economy has been underestimated heavily and has been on a rising trend again since Greece adopted the Euro. We also present evidence that the size of the underground economy is positively related to the debt-to-GDP ratio, implying that fighting the underground economy is also conducive to financial and macroeconomic stability. Our results suggest that for our sample of 11 EMU member countries, the loss of the inflation tax as an economic policy instrument had drastic consequences. While the underground economy did not have a statistically significant impact on aggregate debt before the introduction of the Euro, it has pushed up the debt-to-GDP ratio in our sample since. |
| doi_str_mv | 10.1080/00036846.2014.896984 |
| format | Article |
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| ispartof | Applied economics, 2014-06, Vol.46 (18), p.2190-2204 |
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| subjects | debt crisis debt-to-GDP ratio Economic and Monetary Union Economic impact Economic stability Fiscal policy GDP Greece Gross Domestic Product Inflation inflation tax Informal economy Informal sector Macroeconomics MCDR approach Output rate Production level Public debt Public finance Sovereign debt Studies underground economy |
| title | The hard shadow of the Greek economy: new estimates of the size of the underground economy and its fiscal impact |
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