Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?

Edgar L .Feige () and Ivica Urban ()

No wp913, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan Stephen M. Ross Business School

Abstract: This paper compiles alternative estimates of underground economies in twenty five transition countries during the transition decade and finds a disturbing lack of convergence between them, calling into question the reliability of GDP figures (which in varying degrees now include non-transparent imputations for the “nonobserved economy”) as well as the macro model estimates of the unrecorded economy.

Keywords: Underground; unrecorded; unobserved; non-observed; NOE; hidden; informal; shadow; GDP; national accounts; transition economies. (search for similar items in EconPapers)
JEL-codes: E26 E01 O17 P24 H26 O11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-tra
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http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp913.pdf

Related works:
Working Paper: Measuring Underground (Unobserved, Non-Observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP? (2007)
Journal Article: Measuring underground (unobserved, non-observed, unrecorded) economies in transition countries: Can we trust GDP? (2008)
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