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Size and Determinants of the Shadow Economy in Greece, 1980–2020

Author

Listed:
  • Vasileia Vougiatzi

    (University of Macedonia)

  • Sophia Delipalla

    (University of Macedonia)

  • Harry Papapanagos

    (University of Macedonia)

  • Antonis Tsitouras

    (University of Western Macedonia)

Abstract

The average size of the shadow economy in Greece, 1980–2020, is estimated at 28.5% of gross domestic product, with an average annual rate of decline 0.41%. The finding of a negative relationship between unemployment and the shadow economy, combined with the significant and positive effects of self-employment and social insurance contributions, shows that the underground economy, in Greece, is driven primarily by people at work and not in unemployment. The official and unofficial sectors of the economy are complements. The political system is also of particular importance as a determinant of the size of the shadow economy, mainly capturing institutional and social aspects.

Suggested Citation

  • Vasileia Vougiatzi & Sophia Delipalla & Harry Papapanagos & Antonis Tsitouras, 2025. "Size and Determinants of the Shadow Economy in Greece, 1980–2020," Springer Proceedings in Business and Economics,, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-76658-9_6
    DOI: 10.1007/978-3-031-76658-9_6
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    More about this item

    Keywords

    Shadow economy; Informal economy; MIMIC; Greece;
    All these keywords.

    JEL classification:

    • E26 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Informal Economy; Underground Economy

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