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Australia’s underground economy – redux?

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  • Breusch, Trevor
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    Abstract

    Bajada (2006) recognises that his earlier books and papers used a faulty method for measuring the underground economy in Australia. He also reports finding a new “more serious problem” in the method. All of these failures can be avoided, it is claimed, by reduced use of currency modelling and more reliance on outside estimates. Despite delivering estimates up to two-thirds less than before, the revised method involves substantial double counting. Ironically, these problems are found only in Bajada’s particular method, not in currency modelling generally.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9980.

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    Date of creation: Jun 2006
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    Handle: RePEc:pra:mprapa:9980

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    Keywords: underground economy; currency; taxes; economic models;

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    1. 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.
    2. Roderick Hill & Muhammed Kabir, 2000. "Currency demand and the growth of the underground economy in Canada, 1991-1995," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 32(2), pages 183-192.
    3. Friedrich Schneider, 2004. "Shadow Economies around the World: What do we really know?," IAW Discussion Papers, Institut für Angewandte Wirtschaftsforschung (IAW) 16, Institut für Angewandte Wirtschaftsforschung (IAW).
    4. 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.
    5. Christopher Bajada, 2003. "Business Cycle Properties of the Legitimate and Underground Economy in Australia," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 79(247), pages 397-411, December.
    6. Mariá Dolores Gadea & José Mariá Serrano-Sanz, 2002. "The hidden economy in Spain - A monetary estimation, 1964-1998," Empirical Economics, Springer, Springer, vol. 27(3), pages 499-527.
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