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The Impact of the Development of Society on Economic and Financial Crime. Case Study for European Union Member States

Author

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  • Monica Violeta Achim

    (Faculty of Economics and Business Administration, Babeș-Bolyai University, 400591 Cluj-Napoca, Romania)

  • Viorela Ligia Văidean

    (Faculty of Economics and Business Administration, Babeș-Bolyai University, 400591 Cluj-Napoca, Romania)

  • Sorin Nicolae Borlea

    (Institute of European Research, Babeș-Bolyai University, 400591 Cluj-Napoca, Romania
    Doctoral School of Economics, University of Oradea, 410087 Oradea, Romania
    Faculty of Economics, Computer Science and Engineering, Vasile Goldis “Western” University of Arad, 310414 Arad, Romania)

  • Decebal Remus Florescu

    (College of Political, Administrative and Communication Science, Babeș-Bolyai University, 400132 Cluj-Napoca, Romania)

Abstract

Economic and financial crime is closely related to the changes and the development of societies. In this paper, we question whether the types of economic and financial crimes change as the society develops or not. For our purpose, we use the sample of 27 European Union member countries, for the 2005–2020 time period, which forms an unbalanced panel dataset. The main econometric method is represented by the Pooled OLS method for panel data. Our findings highlight that higher economic and sustainable development determines a reduction in the levels of corruption, shadow economy, and cybercrime. Additionally, we find that increased economic and sustainable development is related to higher levels of money laundering. These findings help governments to understand the way in which various types of economic and financial crimes unfold within different contexts of economic development, in order to implement specific policies for reducing the general level of crimes.

Suggested Citation

  • Monica Violeta Achim & Viorela Ligia Văidean & Sorin Nicolae Borlea & Decebal Remus Florescu, 2021. "The Impact of the Development of Society on Economic and Financial Crime. Case Study for European Union Member States," Risks, MDPI, vol. 9(5), pages 1-20, May.
    • Handle: RePEc:gam:jrisks:v:9:y:2021:i:5:p:97-:d:556677
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    References listed on IDEAS

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