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Revised estimates of the Underground Economy: Implications of US Currency held abroad

  • Feige, Edgar L.

The paper reexamines the strengths and weakness of all direct and indirect methods of estimating the amount of US currency held abroad and concludes that between 25% -45% of US currency is held abroad. This result stands in sharp contrast to the widely cited estimates presented by Porter and Judson (1996) who claim that between 55% -70% of US currency is held abroad. The new estimates of currency held abroad are used to derive a domestic currency series which is then employed in a conventional currency ratio model to estimate the size and growth of the unreported economy in the US between 1973 and 1994.

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File URL: http://mpra.ub.uni-muenchen.de/13805/1/MPRA_paper_13805.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13805.

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Date of creation: 1997
Date of revision:
Handle: RePEc:pra:mprapa:13805
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Web page: http://mpra.ub.uni-muenchen.de

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  1. repec:cup:cbooks:9780521262309 is not listed on IDEAS
  2. Gregory D. Hess & David H. Small & Flint Brayton, 1993. "Nominal income targeting with the monetary base as instrument: an evaluation of McCallum's rule," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
  3. 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.
  4. Philip Cagan, 1958. "The Demand for Currency Relative to Total Money Supply," NBER Books, National Bureau of Economic Research, Inc, number caga58-1.
  5. Laurent, Robert D, 1974. "Currency in Circulation and the Real Value of Notes," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 6(2), pages 213-26, May.
  6. 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.
  7. Russell C. Krueger & Jiming Ha, 1995. "Measurement of Co-Circulation of Currencies," IMF Working Papers 95/34, International Monetary Fund.
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