Revised estimates of the Underground Economy: Implications of US Currency held abroad
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.
|Date of creation:||1997|
|Date of revision:|
|Publication status:||Published in The Underground Economy; Global evidence of its impact and size (1997): pp. 151-208|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
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"The Demand for Currency Relative to Total Money Supply,"
National Bureau of Economic Research, Inc, number caga58-1.
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