Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/57172
Authors: 
Pickhardt, Michael
Sardà, Jordi
Year of Publication: 
2011
Series/Report no.: 
CAWM discussion paper / Centrum für Angewandte Wirtschaftsforschung Münster 56
Abstract: 
We further refine the Modified-Cash-Deposits-Ratio (MCDR) approach, developed by Pickhardt and Sardà (2011, 2012) with a view to analyze size and causes of the cash using section of the underground economy. Among other things, we address the issue of cash hoarding. Findings include that the size of hoarded currency in Germany, about 40 to 110 billion Euro in 2009 according to recent estimates, may have reduced the size of the cash using underground economy in Germany, ceteris paribus, from about 8.5 to 2 percent in 2009, according to the MCDR approach.
Subjects: 
underground economy
shadow economy
hoarding
cash demand
JEL: 
O17
H26
Document Type: 
Working Paper

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