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The Underground Economy: An Overview and Estimates for Cyprus

  • George M. Georgiou


    (Publications Section, Central Bank of Cyprus)

  • George Syrichas


    (Economic Research Department, Central Bank of Cyprus)

The paper begins by describing three important macroeconomic approaches to the measurement of the underground economy. Estimates of the size of the underground economy in Cyprus are then discussed. The estimates are derived using a method first applied by Tanzi to data for the United States. Using annual times series data for the period 1960-1990 the size of the underground economy in Cyprus is estimated to be, approximately, between 3% and 10% of GNP.

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Paper provided by Central Bank of Cyprus in its series Working Papers with number 1994.

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Length: 25 pages
Date of creation: Dec 1994
Date of revision:
Publication status: Published in The Cyprus Journal of Economics, Vol 7, No 2, 1994
Handle: RePEc:cyb:wpaper:1994
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  1. Philip Cagan, 1958. "The Demand for Currency Relative to Total Money Supply," NBER Chapters, in: The Demand for Currency Relative to Total Money Supply, pages 1-37 National Bureau of Economic Research, Inc.
  2. Pissarides, Christopher A. & Weber, Guglielmo, 1989. "An expenditure-based estimate of Britain's black economy," Journal of Public Economics, Elsevier, vol. 39(1), pages 17-32, June.
  3. Phillip Cagan, 1958. "The Demand for Currency Relative to the Total Money Supply," Journal of Political Economy, University of Chicago Press, vol. 66, pages 303.
  4. repec:pal:imfstp:v:31:y:1984:i:4:p:747-750 is not listed on IDEAS
  5. Beenstock, Michael & Chan, Kam-Fai, 1986. "The Determinants of the Money Multiplier in the United Kingdom," CEPR Discussion Papers 106, C.E.P.R. Discussion Papers.
  6. Edgar L. Feige, 2004. "How Big IS the Irregular Economy?," Macroeconomics 0404005, EconWPA.
  7. repec:pal:imfstp:v:31:y:1984:i:4:p:742-746 is not listed on IDEAS
  8. repec:pal:imfstp:v:33:y:1986:i:4:p:768-781 is not listed on IDEAS
  9. repec:pal:imfstp:v:33:y:1986:i:4:p:782-789 is not listed on IDEAS
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