Does taking the shadow economy into account matter when measuring aggregate efficiency?

Pierre-Guillaume Méon (), Friedrich Georg Schneider () and Laurent Weill ()

Applied Economics, 2011, vol. 43, issue 18, pages 2303-2311

Abstract: We analyse how adding the shadow economy to official output figures affects the estimated technical efficiency at the country level. We find that this not only slightly affects the ranking of efficiency scores, but also increases average efficiency in a sample of 87-97 countries, both developed and developing. Our results are robust to the functional form of the production technology and the adjustment of labour to account for years of schooling.

Date: 2011
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