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Revealing Australia’s Underground Economy

Harb,D and Bhattacharya,PS 2008, Revealing Australia’s Underground Economy, Publisher,.

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Title Revealing Australia’s Underground Economy
Author(s) Harb,D
Publication date 2008
Total pages 1
Publisher Publisher
Keyword(s) E26
Underground Economy
Currency Demand Model
Cash and Currencies
Money Supply
Welfare Payments
Velocity of Currency.
Summary This study, using currency demand model, finds Australia’s underground economy to be around 2 to 3 per cent of gross domestic product. We extend the related literature (see, inter alia, Bajada, 1999 and Breusch, 2005) in three novel ways. First, we use Austrian levels of taxes and welfare payments as the minimum levels of taxes and welfare payments. Secondly, we employ the currency demand measurement as in Cagan (1958), i.e., cash and currencies as a proportion of total money supply. Third, we use Cagan’s original assumption regarding equalities of velocities of currencies in both the legal and illegal economies in order to estimate the underground economy.
Field of Research 0 Not Applicable
Socio Economic Objective 0 Not Applicable
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Document type: Book
Collection: Faculty of Business and Law
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