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Leandro Medina, Mr. Andrew W Jonelis, and Mehmet Cangul

1. Introduction The characterization of the informal economy has been debated in both policy and academic circles. There is no standard definition of the informal economy in the literature, and terms such as shadow economy, black economy and unreported economy have been used to define it. According to Feige (2005) , the phrase informal economy has been used frequently, and inconsistently; he argues that the informal economy comprises economic activities that circumvent costs and are excluded from the benefits and rights incorporated in laws and