Cash, Hoarding and the Underground Economy

Michael Pickhardt and Jordi Sardà ()

No 201282, Working Papers from Institute of Spatial and Housing Economics, Munster Universitary

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.

Keywords: underground economy; shadow economy; hoarding; cash demand (search for similar items in EconPapers)
JEL-codes: H26 O17 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-iue
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Related works:
Working Paper: Cash, hoarding and the underground economy (2011)
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