This paper looks at the scale of underground financing and analyzes its impact upon macroeconomic movements. After measuring the sizes of net underground financial investment, net flow of cross-border underground funds, underground money, underground loan, we judge the impact of these different underground financial indexes on economic equilibrium, growth and economic efficiency. Finally, we find a reasonable scale of underground financing and draw the conclusion that underground financing impacts and counteraction should be considered by government economic regulatory departments in setting macroeconomic policies. Key words: Underground Financing, Scale Measurement, Macroeconomic Movements
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