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Dimensione E Dinamica Dell'Economia Sommersa: Un Approfondimento Del Currency Demand Approach

  • Bruno Chiarini
  • Elisabetta Marzano


    (Department of Economic Studies, Parthenope University of Naples)

In this paper we estimate the Italian underground economy using the currency demand approach. Exploiting the characteristics of non stationary time series, we set up a multivariate dynamic specification (VECM) to show how this method can produce results highly misleading, which need to be handled critically. Actually, leaving the standard framework of a single equation specification -up to now used in empirical literature- we demonstrate that the restrictions demanded by this method cause some troubles in identifying the excess of money demand. Besides, even though it is possible to generate time series coherent with Italian official estimates of the underground economy, they are very sensitive to the variable included and to the choice of starting period.

(This abstract was borrowed from another version of this item.)

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Paper provided by D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy in its series Working Papers with number 4_2004.

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Length: 44 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:prt:wpaper:4_2004
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