Informal finance and the East Asian economic "miracle"

Within East Asia, functioning alongside the formal financial sector, there exists a remarkably efficient and dynamic informal financial sector. Largely unseen, the informal sector is multidimensional in nature and reaches every segment of the regional economy. A study argues that it is one of the pr...

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Bibliographic Details
Published in:Multinational business review 1995-10, Vol.3 (2), p.46
Main Author: Waldron, Darryl G
Format: Article
Language:English
Subjects:
Advantages
Collateral
Cost control
Economic growth
Effects
Finance
Finance companies
Financial services
Informal economy
Informal organization
Interest rates
Loans
Roles
Studies
Success
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Summary:Within East Asia, functioning alongside the formal financial sector, there exists a remarkably efficient and dynamic informal financial sector. Largely unseen, the informal sector is multidimensional in nature and reaches every segment of the regional economy. A study argues that it is one of the primary reasons that East Asia, a region lacking well developed money and capital markets, has been able to finance the startling economic growth it has experienced over the past 3 decades. Although little is known about informal finance in the West, in many ways it effectively characterizes how business is done in much of East Asia.
ISSN:1525-383X
2054-1686