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.
General
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