{
  "title": "Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?",
  "publication": "IMF Working Papers, January 24, 2018",
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  "summary": "We undertake an extended discussion of the latest developments about the existing and new estimation methods of the shadow economy. New results on the shadow economy for 158 countries all over the world are presented over 1991 to 2015.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Extended discussion of existing and new estimation methods of the shadow economy.\n- New results presented for 158 countries covering 1991 to 2015.\n- Strengths and weaknesses of methods are assessed and a critical comparison and evaluation of the methods is carried out.\n- New micro estimates and structured hybrid-model based estimation procedures are compared with methods used by statistical offices and survey-based estimates."
    },
    {
      "heading": "Methods and methodological assessment",
      "content": "- Promising new macro methods:\n  - Currency Demand Approach (CDA).\n  - Multiple Indicators Multiple Causes (MIMIC) in a structured hybrid-model based estimation procedure.\n- Other methodological references and techniques noted in keywords:\n  - predictive mean matching (PMM).\n  - the light intensity approach.\n  - corrected shadow economy.\n  - structural equation and MIMIC estimation details implied by terminology.\n- Assessment focus:\n  - Econometric strengths and weaknesses of new and existing methods.\n  - Critical comparison and evaluation against micro estimates and statistical-office or survey-based estimations."
    },
    {
      "heading": "Key findings and statistics",
      "content": "- Coverage:\n  - 158 countries.\n  - Time period: 1991 to 2015.\n- Average size:\n  - The average size of the shadow economy of the 158 countries over 1991 to 2015 is 31.9 percent.\n- Largest reported shadow economies (percent of GDP):\n  - Bolivia: 62.3 percent.\n  - Zimbabwe: 60.6 percent.\n- Smallest reported shadow economies (percent of GDP):\n  - Switzerland: 7.2 percent.\n  - Austria: 8.9 percent.\n- Publication metadata (document-level statistics):\n  - Pages: 76.\n  - Series: Working Paper No. 2018/017.\n  - Issue: 017.\n  - Volume: 2018.\n  - DOI: https://doi.org/10.5089/9781484338636.001.\n  - ISBN: 9781484338636.\n  - ISSN: 1018-5941."
    },
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      "heading": "Implications and conclusions",
      "content": "- The new macro methods (CDA and MIMIC in a structured hybrid-framework) are promising from an econometric standpoint.\n- These new estimations come quite close to estimates used by statistical offices or based on surveys, suggesting convergent validity across approaches.\n- The comparative evaluation highlights methodological trade-offs and guides future refinement of both macro and micro estimation techniques.\n\nShadow Economies Around the World: What Did We Learn Over the Last 20 Years? — Leandro Medina; Friedrich Schneider; January 24, 2018.\n\n---\n\n Content in this bundle\n\n- Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?, WP/18/17, January 2018\n  - Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?, WP/18/17, January 2018 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?, WP/18/17, January 2018 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2018/01/25/shadow-economies-around-the-world-what-did-we-learn-over-the-last-20-years-45583"
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    "Authors: Leandro Medina, Friedrich Schneider",
    "Published: January 24, 2018",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484338636.001",
    "Extended discussion of existing and new estimation methods of the shadow economy.",
    "New results presented for 158 countries covering 1991 to 2015.",
    "Strengths and weaknesses of methods are assessed and a critical comparison and evaluation of the methods is carried out.",
    "New micro estimates and structured hybrid-model based estimation procedures are compared with methods used by statistical offices and survey-based estimates.",
    "Promising new macro methods:",
    "Other methodological references and techniques noted in keywords:",
    "Assessment focus:",
    "Coverage:",
    "Average size:",
    "Largest reported shadow economies (percent of GDP):",
    "Smallest reported shadow economies (percent of GDP):",
    "Publication metadata (document-level statistics):",
    "The new macro methods (CDA and MIMIC in a structured hybrid-framework) are promising from an econometric standpoint.",
    "These new estimations come quite close to estimates used by statistical offices or based on surveys, suggesting convergent validity across approaches.",
    "The comparative evaluation highlights methodological trade-offs and guides future refinement of both macro and micro estimation techniques.",
    "**Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?, WP/18/17, January 2018**"
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