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Juan Ibaez Martin

What has been the impact of the recession on the black economy in Spain?
INTRODUCTION
According to Schneider, (2010a) the global financial crisis that began in 2008 has coincided with a sharp increase of the shadow economy in OECD countries including Spain. Schneider, (2010b) claims that during a booming economy people have more opportunities to join the ranks of the formal economy whereas during a recession people tend to search for an extra source of income in the shadow economy activities. This increase has also been aided by the fact that particular intensive labour sectors of the Spanish economy like agriculture, building and tourism industries mainly employs unskilled workers making it is easier to ignore administrative rules. (Reinery 2003: p13). This topic is of relevant importance in relation to issues of public finances like tax evasion and social security contributions. On the other hand, something that many authors fail to point out is that workers that engage in the black economy can also be victims of a failure on the part of governments to protect the welfare of its citizens who will likely be more exposed to exploitation and dangerous and unhealthy conditions at work. The issue of the black economy can be better understood by analysing its causes, the players involved and who really benefits from it. It is important to remember that this is a complex subject not just because of the difficulties gathering reliable or accurate information but also because of the complexity trying to understand it and the lack of agreement with any given definition or methodology. Consequently, the results of any research will considerably differ depending on what definition and what methodology is used. The aim of this essay is to provide some evidence on the size of the black economy in Spain and its present state in the midst of a global financial crisis. However, the results should be taken with some reservation as there is not a single way in which to ascertain the exact nature and scope of these hidden activities.

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DEFINING THE BLACK ECONOMY

According to the economist, Vito Tanzi (1980), who lead an original study in this area, "Underground economy is gross national product that because of unreporting and/or underreporting is not measured by official statistics " (Tanzi, 1980: p 428) That is, all currently unregistered economic activities that contribute to the officially calculated Gross National Product (Schneider, 2010 p 444).

Therefore, the total economic activity of a country equates to the sum of its formal and its informal economies. Smith (1986), divides the shadow or informal economy into two main areas. one is not measured by convention, (i.e. Voluntary work), the other isnt measured because its activities are hidden, (i.e. crime, tax evasion, etc), that is, because they completely operate outside the law.
Looking at figure 1, Smith defines the black economy as the legal or illegal production of goods and services that should in principle be measured but are hidden from the official accounts.

Figure 1 Source: Smith (1986) p.9 That is the definition of the black economy as described by Smith (1986) and later expanded by Fagan (1997) but for the purposes of this essay we will adopt a more narrow definition of the black economy as including the legal production of goods and services which are concealed from the competent authorities to which it should be made known by law but it isnt in order to avoid paying taxes, social security contributions, etc. Figure 2 below illustrates this definition but includes the illegal activities as part of the black economy.

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Source: Smith (1986) p. 10

CAUSES AND CONSEQUENCES

In line with our narrow definition of the black economy (not taking into account the production of illegal goods and services like prostitution, drug trafficking, etc) we could mention some of the main causes that drive individuals and private companies to conceal their economic activities. According to Fernandez Diaz (2010: p 88), the following are some of the main causes for the operation of the black economy: a. The increase of direct and indirect taxes has an impact on the development of the black economy amongst private companies. b. On the part of individuals without contracts, it is the concealment of income and avoidance of tax payments. c. An excessive intensity of regulations, often equating with the number of laws and regulations (like labour regulations, trade barriers or restrictions of employment for immigrants), might encourage companies to operate in the shadow economy. d. What is called the tax morality or the attitudes of people towards their government. This means that some citizens are more willing to engage in the black economy. A diminishing of morality in those terms would translate into an increase in the black economy. Moreover, in reference to Spain, Pedersen (1998: p 134) states that: ...legislation has made it more attractive for firms to operate in the black economy- the authorities relaxed control and the consequences of violating the law were moderate. In other 3|Page

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words, it is the ambivalence of official attitudes towards the black economy that contributes to its development. De La Rica & Lemieux (1994 cited in Pedersen, 1998: p 134) quotes the Spanish Labour Minister in 1984 as saying it was necessary to accept the black economy because it reflected the inadequacies of the laws. He was also quoted as claiming that the black economy was a minor evil. Furthermore, the International Labour Organization established that in order to reduce the black economy, nations should introduce awareness campaigns, prevention schemes and sanctions, the latter which should only be employed as a last resort for fear that if they are disproportionate it could make wage earners lose their jobs and companies become insolvent, (Jurado, 2010: p 182) According to Schneider (2010), the increase of the shadow economy can have negative consequences on state revenues and affects the quality and quantity of services provided by the public sector. This in turn can lead to an increase in taxes in the formal economy. Because the provision and the quality of the public sector services influences individuals decisions to work in the shadow economy, the deterioration of those public services combined with further taxes makes it more appealing for further companies and individuals to join the shadow economy (Schneider, 2010: p 446). The consequences of the black economy are not only confined to the evasion of taxes and its impact on the revenues of national states but it can also produce particular detrimental consequences on the individuals engaging in those activities. Amongst other things, not being able to contribute enough towards a pension or unemployment benefits are some of the most commonly acknowledged. However, there are other important issues to consider like the exploitation of workers, the lack of secure jobs in the black economy and health and safety issues not covered by the protection of employment tribunals.

MAIN METHODS FOR MEASURING THE BLACK ECONOMY

There are various methods in order to measure the size of the black economy. Those can be divided into two main groups, direct (interviews and surveys) and indirect (through the analysis of variables). The direct methods like surveys can be costly and the interviewees can hide fraudulent behaviours. Those difficulties generate doubts over the credibility and reliability of those methods. For those reasons the main method of choice for most researchers is the use of indirect methods which take into account the analysis of discrepancies between what it could be expected in a particular economy and the observed reality in regards to expenditure, employment and/or the use of money (Anghel & Vazquez, 2010: p20).

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The main indirect methods used are as follows: a. National accounts discrepancies. These are based according to Smith (1986), on the discrepancies in the results obtained between the three ways in which the gross domestic product can be calculated. The estimates for the GDP of a country can be calculated according to the expenditure method (which takes into account all expenditures on goods and services by companies, government and individuals); according to the income method (which adds up the incomes earned from the production of goods and services); and according to the output method (which takes into account the total output of goods and services on the economy). Although in practice they are just estimates and are unlikely to be exact, in theory the three measures of GDP should be exactly equal, (Smith, 1986: p 109). In some cases, companies may wish to conceal their true output because a proportion of their business has been conducted off the books in order to evade VAT. In the same line some companies might try to conceal their true turn over for the same reasons, this way any estimates of the GDP based on output or income would not detect incomes that were concealed to avoid tax. Research carried out by MacAfee (1980 cited in Smith, 1986: p 110) claims that GDP based on output and income employs wholly independent methods of estimation from GDP based on expenditure. He argues that estimates of expenditure are unbiased since there is little reason for respondents to disguise or exaggerate expenditure. In turn this means that there is likely to be some concealment on the GDP based on income or output and not on GDP based on expenditure, concluding that The discrepancy between different estimates of GDP might then provide an indication of the extent of the black economy (Smith, 1986: p 110). b. Discrepancies between official working population and real figures . This type of indirect method is based on the analysis of the active population. Assuming that the active population is constant an increase on unemployment rates could be attributed to an increase in the black economy. However this method fails to take into account those individuals who hold jobs in both the formal and informal economies. c. The monetary approach. This approach is the most popular and is divided into various methods based on transactions and the currency demand amongst others. The transactions method was developed by Feige (1979 cited by Feige 1989: p 46) and aims at estimating the amount of unobserved monetary transactions and unrecorded income. As it is believed that there should be an equality between the total volume of payments and the total volume of transactions (Feige, 1989: p 46) the difference between the two would give us an indication to the extent of the unrecorded transactions.

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On the other hand, according to Feige, (1989), the currency demand method or cash-deposit ratio approach is based on the idea that currency is assumed to have an advantage over other methods of payment like cheques or credit cards for the payment of goods and services. That is, if individuals wish to conceal those payments from the authorities. Therefore an increase in the currency stocks and payments in cash could be taken as an indication of hidden activities. d. Electricity consumption method. According to Kaufmann and Kaliberda (1996 as cited in Anghel & Vazquez 2010: p 28), state that the consumption of electricity can be one of the best indicators for the estimation of the formal and informal economic activities. The evidence shows that electricity consumption and economic activity goes hand in hand. Therefore, an increase of consumption would indicate an increase of the GDP whether official or not. The mentioned authors would then estimate a total GDP from which they will deduct the official total GDP resulting in an estimation of the shadow economy. The disadvantages of this method lies in the fact that not all activites of the black economy requires considerable amounts of electricity as for instance care work. This method would not be able to detect some sections of the underground economy. e. The MIMIC method. The method is based on the analysis of multiple unobserved variables, considering multiple causes and indicators for the measurement of the phenomenon. MIMIC stands for Multiple Indicators Multiple Causes.

BACKGROUND TO THE BLACK ECONOMY IN SPAIN

(Pendersen, 1998) gives an overview of the background to the Spanish development of its black economy. According to the author, Spanish wages were regulated by the State during the Franco dictatorship. From the beginning of the 70s, trade unions began to make some advances in relation to wage increases and managed to secure an average of 8.2% increase per year from 1973-79. The rise in wages also led to the increase in unemployment from 5.8% in the mid 70s to 17.4% in 1980-85. Initially, inflation was thought to be the main cause of high unemployment until economists began to realise that the high unemployment levels in Spain were due to a higher than expected black economy. The rapid growth of the black economy during the transition to democracy after Francos death in 1975 could have been due to the large increases in direct and indirect wage costs in so short a time as an explanation for the growth of the black economy, cf. Benton (1990, p.31) according to Pendersen, (1998: p 133). Unemployment figures were overestimated and the Spanish Labour Ministry initiated an extensive survey to obtain more information over the extent of the black economy. 6|Page

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Ahn & De la Rica in 1997 (according to Pendersen, 1998) carried out the research into the survey and published their results. The survey interviewed 39,494 people from the ages of 16 to 65 and gave an estimate of 10.6% of the Spanish population in that particular age bracket as engaging in the black economy. The research carried out by Ahn & De la Rica (1997) left us with some particular insights. First, in Spain, workers are not allowed to benefit from the welfare system unless they obtain a social security card that can only be obtained once the individual has acquired his first job in the formal economy. However, under the same system, whilst workers cannot use the health service or receive sickness benefits without a card, married couples and their children will be covered where at least one of the spouses or parents has a card. There is therefore little incentive according to Pendersen for members of a family to work in the formal economy if they are already covered under the social security by virtue of their spouse or parents and hence, there isnt either any incentive to pay extra contributions by joining the formal economy. On the other hand, Pendersen cites De la Rica & Lemieux (1994) as claiming that firms benefit most from the black economy because employers share of social contributions is 24% of the earnings whilst for wage earners is only 4.8% (Pendersen, 1998: p 134). Finally Pendersen adds when comparing Spain to other northern European nations that the black economy for the Spanish wage earner is a full time activity rather than a part time one.

THE EUROPEAN CONTEXT

One of the authors that have contributed the most to the study of the shadow economy at an international level is Friedrich Schneider. He has estimated the size of the underground economy in 165 countries for organizations including the World Bank, the IMF and public institutions of various countries (Anghel & Vazquez, 2010: p 29). According to Schneider, (2010a) the underground economy had been in decline for most of OECD countries from 1997/98 until the beginning of the financial crisis. The decline is illustrated in the table below where the average shadow economy for 21 OECD countries contributed an estimated 16.8% of their official economy in 1999/2000 declining to 13.3% by 2008.

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Schneider (2010a) The decline of the shadow economy in all 21 OECD countries came to an end from 2009 suggesting a close relationship with the beginning of the global financial crisis that began the previous year. In 20091 it rose on average to 13.8% of the GDP or what is the same a 0.5% increase with respect to the previous year. A further increase of 0.2% is expected in 2010 2 on average in all OECD countries with a 0.3% increase in Spain raising the total OECD average to 14%.

Size of the underground economy in 21 OECD countries from 1989/90 to 2010 (in % of official GDP) using the cash approach and the MIMIC method

1 2

Data for 2009 is provisional. Data for 2010 is provisional.

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1997/ 1999/ 2001/ 98 00 02 14.00 14.30 14.10 22.50 16.20 18.30 14.90 18.90 14.90 29.00 13.00 16.20 27.30 11.10 13.50 11.90 19.60 9.00 23.10 19.90 8.10 23.10 8.90 16.80 22.20 16.00 18.00 16.00 18.10 15.20 28.70 12.70 15.90 27.10 11.20 13.10 12.80 19.10 9.80 22.70 19.20 8.60 22.70 8.70 16.80 22.00 15.80 17.90 16.30 18.00 15.00 28.50 12.50 15.70 27.00 11.10 13.00 12.60 19.00 10.60 22.50 19.10 9.40 22.50 8.70 16.70 200 3 13.7 0 21.4 0 15.3 0 17.4 0 17.1 0 17.6 0 14.7 0 28.2 0 12.2 0 15.4 0 26.1 0 11.0 0 12.7 0 12.3 0 18.6 0 10.8 0 22.2 0 18.6 0 9.50 22.2 0 8.50 16.5 0 200 4 13.2 0 20.7 0 15.1 0 17.1 0 16.1 0 17.2 0 14.3 0 28.1 0 12.3 0 15.2 0 25.2 0 10.7 0 12.5 0 12.2 0 18.2 0 11.0 0 21.7 0 18.1 0 9.40 21.9 0 8.40 16.1 0 200 5 12.6 0 20.1 0 14.3 0 16.5 0 15.4 0 16.6 0 13.8 0 27.6 0 12.0 0 14.8 0 24.4 0 10.3 0 12.0 0 11.7 0 17.6 0 10.3 0 21.2 0 17.5 0 9.00 21.3 0 8.20 15.6 0 200 6 11.4 0 19.2 0 13.2 0 15.4 0 15.0 0 15.3 0 12.4 0 26.2 0 11.1 0 13.4 0 23.2 0 9.40 10.9 0 10.4 0 16.1 0 9.70 20.1 0 16.2 0 8.50 20.2 0 7.50 14.5 0

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200 7 11.7 0 18.3 0 12.6 0 14.8 0 14.7 0 14.5 0 11.8 0 25.1 0 10.6 0 12.7 0 22.3 0 9.00 10.1 0 9.80 15.4 0 9.40 19.2 0 15.6 0 8.20 19.3 0 7.20 13.9 0 200 8 10.6 0 17.5 0 12.0 0 13.9 0 14.2 0 13.8 0 11.1 0 24.3 0 10.1 0 12.2 0 21.4 0 8.80 9.60 9.40 14.7 0 8.10 18.7 0 14.9 0 7.90 18.7 0 7.00 13.3 0 200 9 10.9 0 17.8 0 12.6 0 14.3 0 14.6 0 14.2 0 11.6 0 25.0 0 10.9 0 13.1 0 22.0 0 9.50 10.2 0 9.90 15.3 0 8.47 19.5 0 15.4 0 8.30 19.5 0 7.60 13.8 0 201 0 11.1 0 17.9 0 12.7 0 14.4 0 14.7 0 14.3 0 11.7 0 25.2 0 11.1 0 13.2 0 22.2 0 9.70 10.3 0 9.90 15.4 0 8.67 19.7 0 15.6 0 8.34 19.8 0 7.80 14.0 0

Australia Belgium Canada Denmark Germany Finland France Greece UK Ireland Italy Japan Netherla nds New Zealand Norway Austria Portugal Sweden Switzerl and Spain USA Av. 21 OECD

Schneider (2010a: p8) Schneider claims that the southern European countries have shadow economies that range between 20 and 25 percent of the official GDP and continue to be among the frontrunners of OECD nations.

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There are studies regarding illegal immigration in southern Europe and its close relationship with the underground economy (Reyneiri, 2003). Whilst immigration is not the subject matter of this study, some patterns can be observed from the research carried out in that area. Raynieri observed some important similarities amongst southern European countries, (namely Portugal, Italy, Greece and Spain). He argues that in these countries the black economy has long been firmly established and that people who lack the necessary work permits find a large underground economy that offers them the means of subsistence that would not otherwise be readily available in the formal economy. (Reynieri, 2003: p13-14). In Spain, Italy, Greece and Portugal, undocumented immigrants are engaging in activities that local undeclared wage earners used to carry out. This is made easier to disguise due to the nature of low skill services that form an important percentage of the economy of those nations. Reyneri (2003: p 8) states that in the south European labour markets most immigrants work in unskilled jobs like housekeeping, agriculture, construction and personal services amongst others. A pattern emerges when we compare those findings with the leading sectors of the Spanish economy that are more susceptible to engage in the black economy.

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THE GLOBAL FINANCIAL CRISIS AND THE SPANISH BLACK ECONOMY

As already mentioned, the years 2009 and 2010 show an increase of the shadow economy in Spain according to Schneider (2010a). In the graphic below we can observe how the shadow economy increases during 1994 and 1995, reaching 22.4% of the GDP, coinciding with an economic downturn (199394) and an increase in unemployment rates (Anghel & Vazquez, 2010: p 32)

Schneider 2010a From 1997 there was an economic boom combined with increases in employment rates and nearly a 4% annual increase of the Spanish economy. However, with the advent of the global financial crisis in 2008, a pattern emerges as the shadow economy begins to increase once again. The period starting from 2008 shows the beginning of an upward trend of the shadow economy coinciding with unemployment levels similar to those in the 1994-95. The black economy is now provisionally estimated at 19.80% of the official GDP according to Schneider. Anghel & Vazquez, (2010) concludes that the reason for the substantial increase on the shadow economy is the fact that unemployment rates were significantly high during the 90s, that the labour market is too inflexible and an excessive bureaucracy amongst other factors. He also claims that the construction sector has had a substantial impact on the increase of the shadow economy. Moyano Jurado, (2010: pp 178-81), suggests the following sectors of the Spanish economy as contributing the most to the black economy: a. Construction: Until 2007 its proliferation meant the creation of companies without sufficient experience acting as a magnet for foreign workers with no professional qualifications as they were not required. b. Hospitality: The lack of contracts in the industry, in particular those jobs that are carried out during weekends, bank holidays or high season periods only. 11 | P a g e

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c. Agriculture: Due to their temporary nature and its great geographical mobility many temporary work agencies operating outside the legal framework have flourished in order to supply with the needed labour. d. Housekeeping: Has provided employment in the black economy due to the difficulty of access for inspectors to private properties. e. Social Services: In particular looking after the elderly in care homes where instead of being contracted as carers, wage earners are contracted as cleaners to avoid training and higher wages. From that point of view, the particular composition of the labour sectors of the Spanish economy can be attributed as one of the main factors for the substantial development of the black economy. The table below gives an illustration on the relevance to the Spanish economy of sectors like construction, tourism (Hotels and restaurants) and others that are particularly associated with the black economy. Coincidentally the construction and tourism sectors have been mostly affected by the economic crisis, which in theory should have contracted their share of the black economy. However we do not have up to date information for 2009.
GDP (millions of euros, 2008) 26,198 1,835 2,631 158,745 23,628 124,173 115,977 Share of shadow economy 12% 10% 0% 18% 0% 32% 20% Shadow economy (millions of euros, 2008) 3,144 183 0 28,574 0 39,735 23,195

Agriculture, hunting and forestry Fishing Mining and quarrying Manufacturing Electricity, gas and water supply Construction Wholesale retail trade, repair of motor vehicles, personal and household goods Hotels and Restaurants Transport, storage and communication Financial intermediation Real estate, renting and business activities

78,841 72,440 58,391 191,616

21% 16% 0% 10%

16,557 11,590 0 19,162

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Public administration and defence, compulsory social security Education Health and social work Other community, social and personal service activities Private households with employed persons Extra-territorial bodies organizations and bodies Total Entertainment, massage, prostitution and other Total shadow economy 67,310 0%

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0

52,651 64,385 41,031 8,652 0 1,088,502

0% 12% 10% 14% 6%

0 7,726 4,103 1,211 0 155,181 48,369

19%

203,550

Schneider 2010c p17 According to Ciccarone, (2010) the effects of the current economic crisis are difficult to ascertain as there have been few estimates on the black economy, which he calls the undeclared work (UDW). He argues that if the UDW shows signs of contracting during the recession it could be due to the following factors: a. Lower demand for goods and services in the formal economy affecting the informal economy likewise. b. Traditional UDW sectors like construction, hospitality, etc., being mostly affected by the crisis will in turn produce a decrease of the black economy in those sectors. c. New arrangements for the regularization of immigrant workers engaging in the black economy might decrease the number of UDW. Finally, Gonzalez (2010) argues that the black economy has decreased in so far as UDW is concerned. She points out that Schneider methods of calculation are not suitable to calculate UDW but only the wider spectrum of the informal economy. According to her, Schneider uses a different methodology because he intends to study the scope of the underground economy which includes both legal and illegal activities. The use of the monetary and MIMIC methods are taken as representative of

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the UDW. According to her argument, the estimates given by Schneider based on his methodology are unrealistic and disproportionately high. The measurament of the undeclared work is based on discrepancies between official employment figures and those provided by the Labour Force Survey. Or what is the same, comparing sources for the supply (LFS and census) whereas the demand side is represented by social security registrations. Then, the numbers of social security registrations are deducted from the figures of active workers as listed in the LFS. Although she doesnt offer a percentage of the size of the UDW with respect to GDP she supplies some interesting results concluding that the number of undeclared workers has decreased from 2008 to 2009 by 416,033, having affected the construction sector the most and immigrants in particular with 230,333 workers losing their jobs. She concludes that the Spanish government has developed a plan to prevent labour fraud (March 2010) in order to cut the deficit from 11.4% to 3% of GDP by 2013. She states that the plan focuses on clandestine workshops, agriculture, transport, the fraudulent unemployment benefit claims, false sick leave and social security contributions amongst others.

CONCLUSION
Elvira Gonzalez based her findings on the Labour Force Survey which presents a number of disadvantages. Amongst others, the fact that the comparability of such research is limited and the veracity of the findings are based as much as on the skills of the interviewer as it is on the willingness of the interviewee to honestly report their underground activities. However, in regards to her claims that the black economy has contracted in Spain, in theory if the construction market collapses as it virtually has in Spain it should also be reflected in the informal economy with a significant decrease in undeclared work. Given the importance of the construction sector in Spain this should be reflected in the estimates but no information is available yet for 2009. One possible inference from her claim that the black market has contracted whilst at the same time the underground economy has increased (in agreement with Schneider) could be that there has been an important surge in crime related activities since the beginning of the financial crisis, but this is another area of research that should be explored. Finally with regards to the government introducing new legislation also in line with European Union recommendations, It seems more (in my opinion) the result of political rhetoric rather than a real commitment to tackle the issue. Although tackling the problem of undeclared work would suppose a reduction of the fiscal and contribution costs of the black economy, it would make it more imperative to develop policies for the social costs that higher unemployment and poverty would produce. 14 | P a g e

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The human, social and economic costs of eradicating undeclared work can be substantial and in particular during a financial crisis like the present one. But equally important the black economy as an economic shock absorber can release the pressure of the increasing social unrest being experienced throughout Spain.

BIBLIOGRAPHY

Anghel, B & Vazquez, P. (2010), Economia sumergida Comparativa Internacional y Metodos de estimacin in Implicaciones de la Economia Sumergida en Espaa. XXVI edition of El Libro Marron. Circulo de Empresarios. Madrid. Ciccarone, G. (2010), Workshop on Undeclared Work in the times of economic crisis European Employment Observatory (EEO), Brussels Fagan, P.G. (1997), "The Black Economy in Ireland", Irish Banking Review, Summer, 19-25. Feige, E. (1989) The Underground Economies: Tax Evasion and Information distortion Cambridge University Press. Cambridge Fernandez Diaz, A. (2010) Corrupcion y Economia Sumergida: Una vision de conjunto in Implicaciones de la Economia Sumergida en Espaa. XXVI edition of El Libro Marron. Circulo de Empresarios. Madrid. Gonzalez, E. (2010), Workshop on Undeclared Work in the times of economic crisis European Employment Observatory (EEO), Brussels Halicioglu, F. (1999), The Black Economy in Turkey: An Empirical Investigation, The Review of Political Sciences of Ankara University, Vol.53, pp.175-191 Pendersen, S. (1998), The Shadow Economy in Western Europe The Rockwool Foundation Research Unit, Copenhagen Reyneri, E. (2003), Illegal Immigration and the Underground Economy National Europe Center Paper No. 66. Paper presented to conference entitled The Challenges of Immigration and Integration in the European Union and Australia, 18-20 February 2003, University of Sydney. Schneider, F. (2010a), The influence of the economic crisis on the underground economy in Germany and the other OECD-countries in 2010: a further (increase) Schneider, F. (2010b), New Estimates for the Shadow Economies all over the World International Economic Journal, 24: 4, 443-461 Schneider, F. (2010c), The shadow Economy in Europe A.T. Kearney 15 | P a g e

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Smith, S. (1986), Britain's Shadow Economy, Clarendon Press, Oxford. Tanzi, V. (1980), "The Underground Economy in the United States: Estimates and Implications", Banca Nazionale Del Iavaro Quarterly Review, 33, 427-453.

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