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The Italian underground economy: measurement, dynamics, and economic impact on GDP and tax revenues
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| 3.08 MB | Adobe PDF |
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Resumo(s)
This work project aims to give valuable insights into the dimensions and dynamics of the Italian
underground economy. We do so by first estimating its size by developing a Multiple Indicators
Multiple Causes (MIMIC) model, a special case of Structural Equation Modeling (SEM). Afterward,
we employ a VAR model to understand its dynamic relationships with GDP growth and tax revenues.
We conclude that the underground economy has a significant size to GDP, has a strong negative
effect on tax revenues, and an ambiguous relation with GDP growth in the short run.
Descrição
Palavras-chave
Underground economy Italy Impulse response Tax revenues MIMIC approach