The hidden economy in Spain - A monetary estimation, 1964-1998

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The hidden economy in Spain - A monetary estimation, 1964-1998

Author Info

Mariá Dolores Gadea () (Departamento de Economi´a Aplicada, Facultad de Económicas, Gran Via, 4, 50005 ZARAGOZA, SPAIN)
José Mariá Serrano-Sanz () (Departamento de Economi´a Aplicada, Facultad de Económicas, Gran Via, 4, 50005 ZARAGOZA, SPAIN)

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Abstract

The aim of this paper is to estimate the level and evolution of hidden income in Spain during the period 1964-1997. To this end, we employ the well-known monetary approach which supposes that the hidden economy is a response on the part of the economic agents to the tax burden, one which manifests itself in an excess of demand for currency. The estimation has been made on the basis of the ADL technique, an ECM and Johansen's cointegration approach. The period chosen was characterised by multiple institutional changes, an increase in the tax burden and wide-ranging financial liberalisation. This has obliged us to formulate a specific monetary model to estimate the hidden economy and is one of the original features of that model.

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Publisher Info
Article provided by Springer in its journal Empirical Economics.

Volume (Year): 27 (2002)
Issue (Month): 3 ()
Pages: 499-527
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Handle: RePEc:spr:empeco:v:27:y:2002:i:3:p:499-527

Note: received: February 1999/Final version received: March 2001
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Find related papers by JEL classification:
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions

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