This paper attempts to investigate the relationships between development in the financial sector and the size of the underground economy in European Union countries. Our aim is to investigate the role of financial sector development when it comes to the size of the underground economy, as well as how financial development aids in meeting the growth objectives of the ‘Europe 2020 Strategy’. Panel data analysis will be conducted for the period 2004–2017 in order to examine the effects of financial sector development on the size of the underground economy. The main findings of this paper suggest that financial development has a significantly reducing effect on the size of the underground economy. In conclusion, development within the financial sector significantly lessens underground economic activity in the European Union. With further development of the financial sector, underground economies will not be an obstacle for the fulfilment of the cohesion and growth objectives of the Europe 2020 strategy.

本文试图研究欧盟国家金融部门的发展与地下经济规模之间的关系。我们的目标是研究金融部门发展在地下经济规模方面的作用，以及金融发展如何帮助实现“欧洲 2020 战略”的增长目标。将在 2004-2017 年期间进行面板数据分析，以检查金融部门发展对地下经济规模的影响。本文的主要发现表明，金融发展对地下经济的规模有显着的降低作用。总之，金融部门的发展大大减少了欧盟的地下经济活动。