formal versus informal finance: evidence from china - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook formal versus informal finance: evidence from china write by Vojislav Maksimovic. This book was released on 2008. formal versus informal finance: evidence from china available in PDF, EPUB and Kindle. 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, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.
Formal Versus Informal Finance
Formal Versus Informal Finance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Formal Versus Informal Finance write by . This book was released on 2010. Formal Versus Informal Finance available in PDF, EPUB and Kindle.
Informal Finance In Low-income Countries
Informal Finance In Low-income Countries - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Informal Finance In Low-income Countries write by Dale W Adams. This book was released on 2019-03-04. Informal Finance In Low-income Countries available in PDF, EPUB and Kindle. Invisible to official statistics and operating outside the reach of governmental regulation, informal finance markets often prove more efficient and more fair than their formal counterparts. The authors of these studies emphasize the diversity and richness of informal credit markets.
Informal Finance in China
Informal Finance in China - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Informal Finance in China write by Jianjun Li. This book was released on 2009. Informal Finance in China available in PDF, EPUB and Kindle. Informal finance consists of nonbank financing activities, whether conducted through family and friends, local money houses, or other types of financial associations. It has provided much-needed financing to small and medium enterprises (SMEs) in particular, in the face of a tightly constrained and overburdened formal banking system. Unable to obtain a bank loan, firms have relied upon individuals and informal organizations outside of the banking system to obtain financing for their ventures or working capital (operating funds). Presently there is a scarcity of information on informal finance in China and it is expected to have a significant impact upon GDP and money supply. This book, with contributions from leading scholars, describes the evolution, characteristics, and variation of informal finance in China from American and Chinese perspectives. Literature by Jiang Shuxia, Jiang Xuzhao, and Li Jianjun has heretofore been available only in Chinese, while work by Kellee Tsai, Jianwen Liao, Harold Welsch, David Pistrui, and Sara Hsu has been available in English. For the first time, they come together to discuss informal financing and its many aspects. Most of the essays are based upon original survey research conducted locally, as this type of data is not normally collected by the government. The papers pioneer the description and analysis of the nuances of informal finance from several perspectives; the authors look at the social, cultural, political, and economic causes of informal finance, its many variations, and its economic, personal, and political ramifications.
Formal versus Informal Finance
Formal versus Informal Finance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Formal versus Informal Finance write by Meghana Ayyagari. This book was released on 2016. Formal versus Informal Finance available in PDF, EPUB and Kindle. China is often mentioned as a counter-example to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.
