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Financial Services on the Black Market

Pawel Dec and Piotr Masiukiewicz
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Pawel Dec: Institute of Corporate Finance and Investment, Warsaw School of Economics
Piotr Masiukiewicz: Institute of Value Management, Warsaw School of Economics, President of the Polish Society of Praxeology

Romanian Journal of Economics, 2019, vol. 48, issue 1(57), 48-62

Abstract: The article concerns the problems of the black market and financial services offered to entrepreneurs. It is a quite poorly explored area of economics, which, because of its specificity, requires very meticulous research methods. Entrepreneurs conducting their activities have in virtually every country the opportunity to take loans to black. It is widely known that lending to black is the better, if you can easily gain funds and if the creative accounting is possible, and the penalties in this respect are small. The authors tried to prove the thesis that there is a potential demand for illegal loans in the sector of small and medium-sized enterprises that can be implemented in case of fulfilment of business risks and growing funding gap of small and medium-sized enterprises in the economy. The article presents the results of their own painstaking research on a sample of 609 companies.

Keywords: lack market; Financial service; Illegal loans (search for similar items in EconPapers)
JEL-codes: G21 G23 E26 (search for similar items in EconPapers)
Date: 2019
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