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Worldwide protests against the perceived lack of economic opportunity and failure of governance have refocused attention on the need for inclusive growth and strong institutions. In developing countries, large informal economies limit state capacity to deliver governance and strong institutions, which in turn discourages participation in and expansion of the formal economy. This paper analyzes the determinants of the underground economy, with particular emphasis on the role of institutions and the rule of law. We find that when businesses are faced with onerous regulation, inconsistent enforcement and corruption, they have an incentive to hide their activities in the underground economy. Empirical analysis suggests that institutions are a more important determinant of the size of the underground economy than tax rates.

Informal sector (Economics) --- Hidden economy --- Parallel economy --- Second economy --- Shadow economy --- Subterranean economy --- Underground economy --- Artisans --- Economics --- Small business --- Econometric models. --- Macroeconomics --- Economics: General --- International Economics --- Institutions and Growth --- Tax Evasion and Avoidance --- Informal Economy --- Underground Econom --- Economics of specific sectors --- Informal economy --- Economic sectors --- Informal sector --- Montenegro

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Five years after the first stirrings of the crisis, some countries have recovered, but others are still struggling. F&D looks at the world today and sees a complex and mixed picture for the future of the world economy. In "Tracking the Global Recovery" we learn that most emerging markets seem to have moved on from the effects of the crisis, but most advanced economies have not. "Fixing the System" looks at how the pace of reforms to strengthen financial regulation has now slowed. World Bank trade economist Bernard Hoekman takes stock of incipient moves toward protectionism in "Trade Policy: So Far So Good?". "Bystanders at the Collapse" looks at how emerging markets and low-income countries weathered the global recession. Financier Mohamed El-Erian weighs in on the potential threat posed by large payment surpluses and deficits in "Stable Disequilibrium." Also in the magazine, we explore what's happening in commodities markets, assess the rise of green technologies, take a look at the shifts in South Asia's labor force, and uncover the harm money laundering can inflict on national economies. F&D's People in Economics series profiles Laura Tyson, Minder of the Gaps, and the Back to Basics series explains how money markets provide a way for borrowers to meet short-term financial needs.

Finance: General --- Labor --- Macroeconomics --- Criminology --- General Financial Markets: General (includes Measurement and Data) --- Illegal Behavior and the Enforcement of Law --- Informal Economy --- Underground Econom --- Financial Crises --- Environment and Growth --- Labour --- income economics --- Finance --- Economic growth --- Economics of specific sectors --- Informal economy --- Sustainable growth --- Employment --- Financial crises --- Emerging and frontier financial markets --- Informal sector --- Economics --- Money laundering --- Economic development --- Financial services industry --- Prices --- United States

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Five years after the first stirrings of the crisis, some countries have recovered, but others are still struggling. F&D looks at the world today and sees a complex and mixed picture for the future of the world economy. In "Tracking the Global Recovery" we learn that most emerging markets seem to have moved on from the effects of the crisis, but most advanced economies have not. "Fixing the System" looks at how the pace of reforms to strengthen financial regulation has now slowed. World Bank trade economist Bernard Hoekman takes stock of incipient moves toward protectionism in "Trade Policy: So Far So Good?". "Bystanders at the Collapse" looks at how emerging markets and low-income countries weathered the global recession. Financier Mohamed El-Erian weighs in on the potential threat posed by large payment surpluses and deficits in "Stable Disequilibrium." Also in the magazine, we explore what's happening in commodities markets, assess the rise of green technologies, take a look at the shifts in South Asia's labor force, and uncover the harm money laundering can inflict on national economies. F&D's People in Economics series profiles Laura Tyson, Minder of the Gaps, and the Back to Basics series explains how money markets provide a way for borrowers to meet short-term financial needs.

Global Financial Crisis, 2008-2009. --- International finance. --- International monetary system --- International money --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Finance --- International economic relations --- Financial crises --- Global Financial Crisis, 2008-2009 --- International finance --- Global Financial Crisis (2008-2009) --- E-books --- Finance: General --- Labor --- Macroeconomics --- Criminology --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Illegal Behavior and the Enforcement of Law --- Informal Economy --- Underground Econom --- Financial Crises --- Environment and Growth --- Labour --- income economics --- Economic growth --- Economics of specific sectors --- Economic & financial crises & disasters --- Informal economy --- Sustainable growth --- Employment --- Emerging and frontier financial markets --- Economic sectors --- Financial markets --- Informal sector --- Economics --- Money laundering --- Economic development --- Financial services industry --- Prices --- United States

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Cinq ans après le début de la crise, certains pays se sont relevés, mais d'autres restent en difficulté. Ce numéro de F&D se penche sur le monde d'aujourd'hui : l'avenir de l'économie mondiale s'annonce complexe et contrasté. Dans « La reprise mondiale en perspective », nous apprenons que la plupart des pays émergents semblent s'être sortis des effets de la crise, mais ce n'est pas le cas pour la plupart des pays avancés. L'article « Réparer le système » aborde le ralentissement du rythme des réformes visant à renforcer la réglementation financière. Dans « Politique commerciale : bilan positif ? », Bernard Hoekman, économiste de la Banque mondiale spécialisé dans le commerce international, dresse un état des lieux des tendances protectionnistes. L'article « Témoins innocents de la débâcle » relate comment les pays émergents et à faible revenu ont surmonté la récession mondiale. Dans « Un déséquilibre stable », le financier Mohamed El-Erian se penche sur le risque potentiel que posent les considérables excédents et déficits de paiement. Dans cette édition, nous nous intéressons également à l'évolution des marchés des produits de base, à la progression des technologies vertes, aux mutations de la population active en Asie du Sud, et aux lourdes conséquences du blanchiment de capitaux pour les économies nationales. La rubrique « Paroles d'économistes » dresse le portrait de Laura Tyson, l'ennemie des inégalités, et « L’ABC de l’économie » explique comment les marchés monétaires permettent aux emprunteurs de répondre à leurs besoins de financement à court terme.

International economic integration --- Globalization --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- International economic relations --- Finance: General --- Labor --- Macroeconomics --- Criminology --- General Financial Markets: General (includes Measurement and Data) --- Illegal Behavior and the Enforcement of Law --- Informal Economy --- Underground Econom --- Financial Crises --- Environment and Growth --- Labour --- income economics --- Finance --- Economic growth --- Economics of specific sectors --- Informal economy --- Sustainable growth --- Employment --- Financial crises --- Emerging and frontier financial markets --- Informal sector --- Economics --- Money laundering --- Economic development --- Financial services industry --- Prices --- United States