THE SOCIOECONOMIC EFFECTS OF THE SHADOW ECONOMY: A THEORETICAL AND EMPIRICAL REVIEW
DOI:
https://doi.org/10.5281/zenodo.21306607Ключевые слова:
shadow economy, informal economy, economic growth, tax policy, tax revenue, institutional quality, market competition, public finance, social welfare, sustainable development.Аннотация
This paper reviews the theoretical and empirical literature on the socioeconomic effects of the
shadow economy. It examines both the positive and negative implications of informal economic activities for
economic growth, public finance, market competition, institutional quality, and social welfare. The review shows
that although the shadow economy may temporarily support employment, entrepreneurship, and economic
resilience under conditions of institutional limitations, its long-term effects are predominantly negative, including
reduced tax revenues, distorted competition, weakened institutions, and slower sustainable growth. The findings
suggest that improving institutional quality and tax governance is essential for reducing the size of the shadow
economy and promoting inclusive economic development.
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