| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12863 |
| DP12863 Understanding Informal Financing | |
| Franklin Allen; Meijun Qian; Jing Xie | |
| 发表日期 | 2018-04-11 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper offers a framework to understand informal financing based on mechanisms to deal with asymmetric information and enforcement. We find that constructive informal financing such as trade credits and family borrowing that relies on information advantages or an altruistic relationship is associated with good firm performance. Underground financing such as money lenders who use violence for enforcement is not. Constructive informal financing is prevalent in regions where access to bank loans is extensive, while its role in supporting firm growth decreases with bank loan availability. International comparisons show that China is not an outlier but rather average in using informal financing. |
| 主题 | Development Economics ; Financial Economics |
| 关键词 | Informal financing Asymmetric information Social collateral Firm growth |
| URL | https://cepr.org/publications/dp12863 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541673 |
| 推荐引用方式 GB/T 7714 | Franklin Allen,Meijun Qian,Jing Xie. DP12863 Understanding Informal Financing. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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