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International Monetary Fund
This Selected Issues paper reviews the financial sector development in Georgia in recent years, and investigates why it has lagged behind economic development, as well as developments in more advanced transition economies. The paper briefly reviews recent financial sector development in Georgia, comparing it with developments in its neighboring countries in the Caucasus, the seven poorest countries in the Commonwealth of Independent States (CIS-7), the Baltics, and central and eastern Europe. The paper also analyzes possible factors constraining financial intermediation in Georgia and in some of the CIS countries more generally.
International Monetary Fund

: The Impact of the Georgian Anti-Corruption Drive A. Introduction B. Background: Driving Out Endemic Corruption C. Shadow Economy: Survey-Based Estimates D. Shadow Economy: The Demand for Cash E. Conclusions References Figures III.1. Georgia and Selected CIS Countries: Sales Reported for Tax Purposes, 2002 and 2005 III.2. Shadow Economy Estimates (SDS Survey Method), 2001–05 III.3. Comparing Shadow Economy Estimates, 2003–05 III.4. Domestic and Foreign Currency Deposits, 2001–05 IV. Legal Entities of Public Law in Georgia

International Monetary Fund

faster accumulation of lari deposits relative to the amount of cash in circulation ( Figure III.3 , top panel). Figure III.3. Georgia: Comparing Shadow Economy Estimates, 2003–05 Sources: National Bank of Georgia (NBG), SDS; and Fund staff calculations. 68. Moreover, these results enable quantitative inference on the size of the shadow economy —under the assumption that the velocity of cash in the shadow sector is the same as the velocity of M 2 in the overall economy. 38 In Figure III.3 , top panel, the hypothetical volume of cash in circulation

Mr. Ben Kelmanson, Koralai Kirabaeva, Leandro Medina, and Jason Weiss
This paper examines the drivers, and reestimates the size of shadow economies in Europe, with a focus on the emerging economies, and recommends policies to increase formality. The size of shadow economies declined across Europe in recent years but remains significant, especially in Eastern Europe. In the emerging European economies, the key determinants of shadow economy size are regulatory quality, government effectiveness, and human capital. The paper argues that a comprehensive package of reforms, focused on country-specific drivers, is needed to successfully combat the shadow economy. The menu of policies most relevant for Europe’s emerging economies include: reducing regulatory and administrative burdens, promoting transparency and improving government effectiveness, as well as improving tax compliance, automating procedures, and promoting electronic payments.
Mr. Ben Kelmanson, Koralai Kirabaeva, Leandro Medina, and Jason Weiss

, tax revenues, trade volume and agriculture value-added as causal variables, and GDP growth and labor force participation rate as indicator variables. The input variables in Hassan and Schneider (2016) are government spending as a percent of GDP, unemployment rate, self-employment rate, Economic and Business Freedom Indices from the Heritage Foundation as causal variables and M1/M2 and labor force participation rate as indicator variables. The MIMIC approach allows us to compare shadow economy estimates across countries and to conduct panel data analysis