Empirically, though, it seems quite obvious: countries with a very high or very low share of activity in the shadow economy appear to be much less affected by growth fluctuations in the world economy than countries displaying a more or less average intensity of shadow market activity.....
This apparent relationship suggests several conclusions may be drawn. First of all, it looks absolutely advisable to decide for one side of the coin or the other.
The Long Night is Coming
3 years ago