Desierto, Desiree A.; Lazaro, Karen Annette D.; Cruz, … - In: Asian Economic Papers 9 (2010) 2, pp. 79-112
This paper questions the conventional argument that the existence of a black market provides negative externalities in the form of foregone tax revenues that could otherwise be used to increase social welfare. It is not enough to estimate the size of the black market, one should also show how...