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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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File URL: http://www.centralbank.gov.cy/media/pdf/PBRPE_UNDERGROUNDECONOMY.pdf.pdf
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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
Contact details of provider: Web page: http://www.centralbank.gov.cy/nqcontent.cfm?a_id=1

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  1. Edgar L. Feige, 2005. "A Re-Examination of the 'Underground Economy' in the United States; A Comment on Tanzi," Macroeconomics 0501021, EconWPA.
  2. Beenstock, Michael, 1989. "The Determinants of the Money Multiplier in the United Kingdom," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(4), pages 464-80, November.
  3. Philip Cagan, 1958. "The Demand for Currency Relative to Total Money Supply," NBER Books, National Bureau of Economic Research, Inc, number caga58-1.
  4. Shankar Acharya, 1984. "The Underground Economy in the United States: Comment on Tanzi," IMF Staff Papers, Palgrave Macmillan, vol. 31(4), pages 742-746, December.
  5. 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.
  6. J. J. Thomas, 1986. "The Underground Economy in the United States: A Comment on Tanzi," IMF Staff Papers, Palgrave Macmillan, vol. 33(4), pages 782-789, December.
  7. 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.
  8. Edgar L. Feige, 2004. "How Big IS the Irregular Economy?," Macroeconomics 0404005, EconWPA.
  9. 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.
  10. Vito Tanzi, 1984. "The Underground Economy in the United States: Reply to Acharya," IMF Staff Papers, Palgrave Macmillan, vol. 31(4), pages 747-750, December.
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