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Currency Demand, the Underground Economy, and Tax Evasion

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  • Ebrima Faal

Abstract

The persistence in Guyana of a substantial underground economy is an important consequence of economic and social policy over 1964-2000. The paper attempts to estimate the magnitude of, and changes to the underground economy in Guyana, as well as its adverse effect on tax collection, during this period.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/7.

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Length: 30
Date of creation: 01 Jan 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/7

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References

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  1. Dixon, Huw, 1999. "Controversy: On the Use of the 'Hidden Economy' Estimates," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 109(456), pages F335-37, June.
  2. Karl M. Bennett, 1995. "Economic decline and the growth of the informal sector: The Guyana and Jamaica experience," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 7(2), pages 229-242, 03.
  3. Phillip Cagan, 1958. "The Demand for Currency Relative to the Total Money Supply," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 303.
  4. Bajada, Christopher, 1999. "Estimates of the Underground Economy in Australia," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 75(231), pages 369-84, December.
  5. Nickell, Stephen, 1985. "Error Correction, Partial Adjustment and All That: An Expository Note," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 47(2), pages 119-29, May.
  6. Lewis, D.E., 1987. "The Economics of Crime: A Survey," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, Queensland University of Technology (QUT), School of Economics and Finance, vol. 17(2), pages 195-219.
  7. Ben-Zion Zilberfarb, 1986. "Estimates of the Underground Economy in the United States, 1930-80: A Comment on Tanzi," IMF Staff Papers, Palgrave Macmillan, vol. 33(4), pages 790-798, December.
  8. Philip Cagan, 1958. "The Demand for Currency Relative to Total Money Supply," NBER Books, National Bureau of Economic Research, Inc, National Bureau of Economic Research, Inc, number caga58-1.
  9. Tanzi, Vito, 1999. "Uses and Abuses of Estimates of the Underground Economy," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 109(456), pages F338-47, June.
  10. Bagachwa, M. S. D. & Naho, A., 1995. "Estimating the second economy in Tanzania," World Development, Elsevier, Elsevier, vol. 23(8), pages 1387-1399, August.
  11. Schneider, Friedrich, 1986. " Estimating the Size of the Danish Shadow Economy Using the Currency Demand Approach: An Attempt," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 88(4), pages 643-68.
  12. Philip Cagan, 1958. "The Demand for Currency Relative to Total Money Supply," NBER Chapters, National Bureau of Economic Research, Inc, in: The Demand for Currency Relative to Total Money Supply, pages 1-37 National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. repec:wii:bpaper:bowp:050 is not listed on IDEAS
  2. World Bank, 2007. "Guyana - Investment Climate Assessment : Volume 1. Main Findings and Policy Recommendations," World Bank Other Operational Studies 7865, The World Bank.
  3. M. Kabir Hassan & Jung Suk-Yu, 2010. "A Re-examination of the U.S. Underground Economy: Size, Estimation, and Policy Implications," NFI Working Papers 2010-WP-04, Indiana State University, Scott College of Business, Networks Financial Institute.
  4. Dario Cziraky & Max Gillman, 2004. "Inflation and Endogenous Growth in Underground Economies," wiiw Balkan Observatory Working Papers, The Vienna Institute for International Economic Studies, wiiw 50, The Vienna Institute for International Economic Studies, wiiw.
  5. James Alm & Abel Embaye, 2013. "Using Dynamic Panel Methods to Estimate Shadow Economies Around the World, 1984-2006," Working Papers, Tulane University, Department of Economics 1303, Tulane University, Department of Economics.
  6. constantine, collin, 2013. "Why Guyana's self discovery is the missing link in its development strategy," MPRA Paper 44205, University Library of Munich, Germany.
  7. Magda E. Kandil & Genevieve Lindow & Mario Mansilla & Joel Chiedu Okwuokei & Jochen M. Schmittmann & Qiaoe Chen & Xin Li & Marika Santoro & Solomon Stavis, 2014. "Labor Market Issues in the Caribbean: Scope to Mobilize Employment Growth," IMF Working Papers, International Monetary Fund 14/115, International Monetary Fund.
  8. Judith Gold & Ruben Atoyan & Cornelia Staritz, 2007. "Guyana," IMF Working Papers, International Monetary Fund 07/86, International Monetary Fund.
  9. Embaye, Abel, 2007. "Underground economy estimates for non-OECD countries using currency demand method, 1984-2005," MPRA Paper 20308, University Library of Munich, Germany.
  10. Alain Maurin & Sandra Sookram & Patrick Kent Watson, 2006. "Measuring the size of the hidden economy in Trinidad & Tobago, 1973-1999," International Economic Journal, Taylor & Francis Journals, Taylor & Francis Journals, vol. 20(3), pages 321-341.

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