Shadow economy,corruption and public debt in Spain |
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Institution: | 1. Norwich Business School, University of East Anglia, UK;2. Department of Industrial Management, University of Piraeus, 107 Deligiorgi Str., Piraeus, GR 185 34, Greece;3. Department of Economics, Johannes Kepler University, Linz, Austria |
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Abstract: | The aim of this paper is to study the relationship between the shadow economy and corruption as determinants of public debt in the Spanish Autonomous Communities. In addition, we construct a Corruption Perception Index for those regions. Our data constitute panel data for the period 2000–2012. The results show that the volume of the shadow economy has a significant and positive impact on regional public debt. Corruption also shows a direct and significant relationship with public debt in the Autonomous Communities, although its impact is lower than that of the shadow economy. We extract some implications for the public authorities. |
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Keywords: | Spain Shadow economy Corruption Public debt Sovereign debt |
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