Title: Revised estimates of the Underground Economy: Implications of US Currency held abroad
Abstract: 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.
Publication Year: 1997
Publication Date: 1997-01-01
Language: en
Type: preprint
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Cited By Count: 32
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