Pickhardt, Michael; Sardà, Jordi - 2011
a view to analyze size and causes of the cash using section of the underground economy. Among other things, we address … the issue of cash hoarding. Findings include that the size of hoarded currency in Germany, about 40 to 110 billion Euro in … 2009 according to recent estimates, may have reduced the size of the cash using underground economy in Germany, ceteris …