The Underground Economy and the Currency Enigma
AbstractThe size, growth and causes of the US âunderground economyâ are examined in light of new estimates of foreign holdings of US currency. World dollarization partially resolves the âcurrency enigmaâ which refers to the anomaly that roughly 80% of the US currency supply is âmissingâ and an estimated ten trillion dollars of cash payments can not be accounted for. US currency that is used overseas suggests that there is a world wide unrecorded economy that could rival the size of the US economy. Large and variable overseas holdings of US currency imply that monetary aggregates must be redefined to include only domestically held currency. The paper defines and estimates the size of the âdomestic money supplyâ. Reference: Proceedings of the 49th Congress of the International Institute of Public Finance, Berlin 1993, Supplement to Public Finance Vol. 49 (1994) pp.119-136.
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Bibliographic InfoArticle provided by in its journal Public Finance = Finances publiques.
Volume (Year): 49 (1994)
Issue (Month): Supplement ()
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Other versions of this item:
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion
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