Duc Hong Vo, Ngoc Phu Tran, Toan Pham-Khanh Tran, Quan Thai-Thuong Le, Phuc Van Nguyen
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Government expenditure, budget deficit and shadow economy
ABSTRACTThe shadow economy has emerged as a challenging issue for countries globally, particularly emerging markets. An increased budget deficit prevents the governments from using public expenditure to control the increased shadow economy. This paper examines the effect of government expenditure on the shadow economy and the moderating role of budget deficit affecting this impact for the ASEAN-7 countries from 1990 to 2019. We find that increased government spending is associated with an increased shadow economy in ASEAN countries. Interestingly, the effects of government expenditure on the shadow economy intensify with increased budget deficit in the short and long term.KEYWORDS: Government expenditureshadow economybudget deficitARDLthe ASEAN countriesJEL CLASSIFICATIONS: E6H6H11 Disclosure statementNo potential conflict of interest was reported by the author(s).
期刊介绍:
The Journal of Economic Policy Reform focuses on the analysis of economic policy reform. The journal draws upon what lessons can be learned from the successes and failures of countries undertaking reforms and how existing theories can be developed to shed light on positive as well as normative aspects of the reform process. The Journal of Economic Policy Reform encourages work from economists and political economy analysts on policies to promote growth and reduce poverty, intellectual property rights, aid versus trade, debt and debt relief, taxation and social security systems, surveys of key reform issues, as well as on corruption, democracy, emerging markets and the role of multilateral institutions.