f estimation of black economy. Both (Kemal, 2003) and (Yasmin & Rauf, 2003) have got negative estimates for coefficient of this variable however, (Kemal, 2003)'s coefficient is very small relative to (Yasmin & Rauf, 2003). (Khalid, 2002) on the contrary have got a positive estimate for this variable. (Khalid 2002)'s estimates suggest negative coefficients for real interest rate and growth rate of real GDP per capita. Negative coefficient for real interest rate has been confirmed by (Yasmin & Rauf, 2003) but cannot be confidently compared as their dependent variable is different.
(Ahmed & Ahmed, 1995) have used log-linear functional form for estimation and (Aslam, 1998) has used log-log specification. (Bloomquist, 2003) looks at tax evasion being caused by income inequality from which gini- coefficient can be identified as relevant variable.
(Iqbal & Qureshi, 1998) have used tax to GDP ratio and Lag dependent variables which are incompliance with estimates of (Kemal, 2003). However, their dependent variable does not include foreign currency accounts and is similar to (Yasmin & Rauf, 2003). (Iqbal & Qureshi, 1998) and (Yasmin & Rauf, 2003) have same signs for tax to GDP ratio, growth rate of real GDP per capita and banking services. However, only lag of dependent variable estimates are close while rest of the variables have significantly different estimates.
Another monetary approach was used by (Feige, 1979) according to which black economy can be measured using difference total transactions and actual GDP as GDP does not include purchase of intermediate and second hand goods.
(Kemal, 2003) has discussed fiscal approach by (Dilnot & Morris, 1981) for underground economy's estimation. According to this approach, households may be involved in illegal economy activities when their expenditure exceeds income in same time period. This approach was applied using family expenditure survey but was criticized on basis that expenditure can exceed income during illness and unemployment or expenditures might have been financed upon savings.
Labor market approach is not applicable in Pakistan as relevant data is not available. The rationale behind this approach is that total number of hours worked in underground economy can be converted to monetary terms by multiplying hours worked with productivity of workers in black markets. Practically speaking, this approach cannot provide with reliable estimates as hours worked and productivity in irregular markets is difficult to measure.
So, monetary approaches are convenient and appropriate to estimate underground economy. Most of the researchers of Pakistan have used this particular approach as data is readily available for variables required in this approach. However, some modifications to this approach have been made.
Tax Evasion, associated costs and policy implications 逃税,相关成本和政策含义
(Bayer & Sutter, 2009) have analyzed tax evasion in perspective of concealment and detection costs, which according to authors causes dead weight loss to society. (Bayer & Sutter, 2009) see tax burden as a main factor contributing to this dead weight loss rather than penalty imposed if tax evasion is detected. Hence they are of view that tax rate must be of policy makers' concern rather than inefficient concealment and enforcement costs. (Bayer & Sutter, 2009)
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