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Dimensione e dinamica dell'economia sommersa: un approfondimento del "currency demand approach"

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  • Chiarini Bruno
  • Marzano Elisabetta

Abstract

In this paper we estimate the Italian underground economy using the currency demand approach. Exploiting the characteristics of non stationary time series, we set up a multivariate dynamic specification (VECM) to show how this method can produce results highly misleading, which need to be handled critically. Actually, leaving the standard framework of a single equation specification -up to now used in empirical literature- we demonstrate that the restrictions demanded by this method cause some troubles in identifying the excess of money demand. Besides, even though it is possible to generate time series coherent with Italian official estimates of the underground economy, they are very sensitive to the variable included and to the choice of starting period.

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Bibliographic Info

Article provided by Società editrice il Mulino in its journal Politica economica.

Volume (Year): (2004)
Issue (Month): 3 ()
Pages: 303-334

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Handle: RePEc:mul:je8794:doi:10.1429/18611:y:2004:i:3:p:303-334

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Cited by:
  1. Bruno Chiarini & Elisabetta Marzano, 2006. "Market Consumption and Hidden Consumption: A Test for Substitutability," Discussion Papers 12_2006, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.
  2. Bruno Chiarini & Elisabetta Marzano, 2007. "Structural and Cyclical Patterns of Underground Labour Input in Italy from 1980 to 2004," Discussion Papers 3_2007, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.
  3. Busato; Francesco & Bruno Chiarini & Vincenzo di Maro, 2005. "Directional Congestion and Regime Switching in a Long Memory Model for Electricity Prices," Economics Working Papers 2005-19, School of Economics and Management, University of Aarhus.
  4. Brambila Macias, Jose, 2008. "The Dynamics of Parallel Economies. Measuring the Informal Sector in México," MPRA Paper 8400, University Library of Munich, Germany.
  5. Bruno Chiarini & Elisabetta Marzano & Friedrich Schneider, . "Tax rates and Tax evasion: an Empirical Analysis of the Structural Aspects and Long-Run Characteristics in Italy," Working Papers wp2009-1, Department of the Treasury, Ministry of the Economy and of Finance.
  6. Guerino Ardizzi & Carmelo Petraglia & Massimiliano Piacenza & Gilberto Turati, 2012. "Measuring the underground economy with the currency demand approach: a reinterpretation of the methodology, with an application to Italy," Temi di discussione (Economic working papers) 864, Bank of Italy, Economic Research and International Relations Area.
  7. Francesco Busato & Bruno Chiarini & Pasquale de Angelis & Elisabetta Marzano, 2005. "Capital Subsidies and the Underground Economy," Economics Working Papers 2005-10, School of Economics and Management, University of Aarhus.
  8. Elisabetta Marzano, 2004. "Dual Labour Market Theories And Irregular Jobs: Is There a Dualism Even in The Irregular Sector?," CELPE Discussion Papers 81, CELPE (Centre of Labour Economics and Economic Policy), University of Salerno, Italy.
  9. Francesco Busato & Bruno Chiarini & Pasquale de Angelis & Elisabetta Marzano, 2005. "Capital Subsidies and Underground Production," CELPE Discussion Papers 96, CELPE (Centre of Labour Economics and Economic Policy), University of Salerno, Italy.
  10. Simona Monteleone, 2010. "Underground economy: Irregular employment in Italy from 1980 to 2009," Discussion Papers 8_2010, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.

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