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Dollarisation and the Underground Economy: Accidental Partners?

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Author Info
Vedran Sosic (Croatian National Bank, Zagreb)
Michael Faulend (IMF, Washington)
Abstract

Monetary methods of measuring the underground economy (UE) in all their variations are traditionally based upon domestic monetary aggregates. In recent times, however, there has been an increasing amount of evidence supporting the thesis that it is actually foreign currency that is very often linked with the UE in countries in which the phenomenon of dollarisation is widespread. New understanding of the extent and dynamics of dollarisation can, then, provide important information about the dynamics of the UE in these countries. Results derived from estimates of the amount of foreign cash in circulation in Croatia, in our estimation, show a rising tendency in the UE, like traditional monetary methods, which in principle does not have to be the case. Similar tendencies in the UE are indicated by the dynamics of electricity consumption.

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Publisher Info
Paper provided by Institute of Public Finance in its series Occasional paper series with number 15.

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Length: 22 pages
Date of creation: Apr 2002
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Publication status: published in the journal "Financijska teorija i praksa", 26 (1), 2002., pp. 57-83
Handle: RePEc:ipf:occasi:15

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Related research
Keywords: underground economy; dollarisation;

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Find related papers by JEL classification:
O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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  1. Edgar L. Feige & Michael Faulend & Velimir Sonje & Vedran Sosic, 2001. "Currency Substitution, Unoffical Dollarization and Estimates of Foreign Currency Held Abroad: The Case of Croatia," International Finance 0106001, EconWPA. [Downloadable!]
  2. Feist, Holger, 2001. "The Enlargement of the European Union and the Redistribution of Seigniorage Wealth," Kyklos, Blackwell Publishing, vol. 54(4), pages 533-46.
  3. Marina Kesner-Skreb, 1997. "State Intervention for Growth Promotion in Market Economies," Occasional paper series 01, Institute of Public Finance. [Downloadable!]
  4. Richard D. Porter & Ruth A. Judson, 1996. "The location of U.S. currency: how much is abroad?," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 883-903.
  5. Clifford Gaddy & Barry W. Ickes, 1998. "To Restructure or Not to Restructure: Informal Activities and Enterprise Behavior in Transition," William Davidson Institute Working Papers Series 134, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  6. Guillermo Calvo & Carlos A. Végh Gramont, 1992. "Currency Substitution in Developing Countries - An Introduction," IMF Working Papers 92/40, International Monetary Fund.
  7. Fethi Ogunc & Gokhan Yilmaz, 2000. "Estimating The Underground Economy In Turkey," Discussion Papers 0004, Research and Monetary Policy Department, Central Bank of the Republic of Turkey. [Downloadable!]
  8. Edgar L. Feige, 2005. "Overseas Holdings Of U.S.Currency And The Underground Economy," Macroeconomics 0501022, EconWPA. [Downloadable!]
  9. Holger Feist, 2001. "The Enlargement of the European Union and the Redistribution of Seigniorage Wealth," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  10. Feist, Holger, 2001. "The Enlargement of the European Union and the Redistribution of Seigniorage Wealth," Discussion Papers in Economics 16, University of Munich, Department of Economics. [Downloadable!]
  11. Kaufmann, Daniel & Kaliberda, Aleksander, 1996. "Integrating the unofficial economy into the dynamics of post-socialist economies : a framework of analysis and evidence," Policy Research Working Paper Series 1691, The World Bank. [Downloadable!]
  12. Brian M. Doyle, 2000. ""Here, dollars, dollars ..."estimating currency demand and worldwide currency substitution," International Finance Discussion Papers 657, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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