As the wind of globalization blows, trade barriers are being dismantled worldwide, with the result that goods and services, technology, capital, labor, information and even firms are now moving more freely than ever before, crossing even national boundaries. Every country’s economic survival...

Given the precarious balance of payments and debt situation, unrecorded flows of capital cause serious welfare losses. In order to formulate realistic policies, it is essential to have a knowledgeable account of such flows. Using different methodologies, the present paper estimates illicit...