This paper offers a framework to understand informal financing based on mechanisms to deal with asymmetric information and enforcement. We find that constructiv
Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system,
In most Asian countries, there exists a dynamic informal financial sector working side by side with formal finance, which has not until now been researched care
Informal finance consists of nonbank financing activities, whether conducted through family and friends, local money houses, or other types of financial associa
Invisible to official statistics and operating outside the reach of governmental regulation, informal finance markets often prove more efficient and more fair t