Does regulatory discretion increase the unofficial economy? Evidence from panel data

Ummad Mazhar

doi:10.1556/aoecon.65.2015.1.7

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Acta Oeconomica

Volume/Issue:: Volume 65: Issue 1

Does regulatory discretion increase the unofficial economy? Evidence from panel data

Author:

Ummad Mazhar

Ummad Mazhar Beaconhouse National University Department of Economics, Seeta Majeed School of Liberal Arts and Social Sciences Lahore Pakistan

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Pages:: 129–141

Online Publication Date:: 28 Mar 2015

Publication Date:: 01 Mar 2015

Article Category:: Journal Article

DOI:: https://doi.org/10.1556/aoecon.65.2015.1.7

Keywords:: unofficial or shadow economy; corruption; replication; regulation; Arellano-Bond estimator; panel data; D73; H26; O17; O50

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One factor that contributes in the size of the shadow economy is the regulation of business activities. This paper provides empirical analysis of the effects of regulatory discretion on the unofficial economy. It adds to the previous findings by gathering evidence from a large data set of 162 countries for the 1999 to 2007 period. Going beyond simple correlation, it uses the Arellano-Bond estimator to investigate the dynamics and causal effects of regulation on the shadow economy. We find that increase in regulation increases the size of the shadow economy.

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Acta Oeconomica Periodical of the Hungarian Academy of Sciences

Print ISSN:: 0001-6373

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Péter Benczúr, Joint Joint Research Center, European Commission
Dóra Benedek, International Monetary Fund
Balázs Égert, OECD
Dániel Prinz, World Bank
Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

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Anders Åslund, Georgetown University and Advisory Council of CASE, USA
István Benczes, Corvinus University of Budapest, Hungary
Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
Fabrizio Coricelli, University of Siena, Italy
László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
Martin Kahanec, Central European University, Austria
Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
Péter Mihályi, Corvinus University of Budapest, Hungary
Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

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Acta Oeconomica
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