BUES & UNISA at SHADOW 2025 CONFERENCE

Shadow 2025 Conference: "The Shadow Economy, Tax Behaviour and Insights from Big Data" took place in Warsaw (Poland), at SGH Warsaw School of Economics, on 25-28 September 2025.   

Adriana Davidescu and Diana Agafiței (Bucharest University of Economic Studies, Romania), and Roberto Dell'Anno (University of Salerno, Italy), members of INSEAI Network, took part in this conference, where the most relevant voices in the field of informality meet periodically, with a tradition starting in 2009. 
 
Diana Agafitei presented the paper “Shadow Markets in Broad Daylight: A Currency-Demand Atlas of the Shadow Economy in Central and Eastern Europe” - a joint work with Roberto Dell'Anno and Adriana Davidescu - applies the Currency Demand Approach (CDA) enriched by PMG-ARDL econometric models to estimate informality across 13 CEE countries. 
 
The study confirms that while higher taxation increases informality, only strong institutional enforcement and robust financial infrastructure can sustainably reduce the size of the shadow economy. Taxation alone cannot eliminate informality - effective enforcement emerges as the decisive factor.

Left to right: Roberto Dell´Anno (UNISA, Italy), Adriana Davidescu y Diana Agafitei (BUES, Romania).