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Leandro Medina and Mr. Friedrich Schneider

shadow economy is a core input to estimate the extent of tax evasion and thus for decisions on its adequate control. The shadow economy is known by different names, such as the hidden economy, gray economy, black economy or lack economy, cash economy or informal economy. All these synonyms refer to some type of shadow economy activities. We use the following definition: The shadow economy includes all economic activities which are hidden from official authorities for monetary, regulatory, and institutional reasons. Monetary reasons include avoiding paying taxes and

Michael D. Bordo, Anna J. Schwartz, Mr. Richard D Haas, Mr. Joseph Gold, Mr. T. M. C. Asser, W.W. Bartley, D.R. Pendse, Mr. Vito Tanzi, Mr. Simon Commander, and Jean- Jacques Dethier

to read. Chapter 1 discusses the anatomy of black money, the underlying causes, and the remedies that so far seem to have been unsuccessful. The chapter proposes a five-point plan of action for India, which ranges from the appointment of a high- powered commission and the deregulation of the economy, to the reduction of high marginal tax rates, and the effective enforcement of penalties. I found myself in agreement with much of what the author was saying. The remaining chapters in Part I dealt with specific aspects of the “black economy.” One of them dealt with

International Monetary Fund

Introduction The shadow economy has been labeled with many names, such as the informal economy, the hidden economy, the black economy, and the underground economy. Although existing studies provide a broad range of definitions or descriptions, most are similar. This chapter follows the definition proposed in Chapter 1 because it uses that chapter’s authors’ estimated data for the size of the shadow economy: The shadow economy includes all economic activities that are hidden from official authorities for monetary, regulatory, and institutional reasons