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• W289451630 abstract "INTRODUCTION A variety of explanations have been offered to account for the startling economic success of East Asia over the past three decades. Growth that many believe will continue well into the next century. Perhaps the most comprehensive effort to explain this growth is the World Bank's (1993) recently published study, 'The East Asian Miracle. The Bank examined the economic performance of eight East Asian countries during the period 1960 - 1990. And while no single explanatory model emerged from the World Bank study, specific factors were identified that appeared to account for much of East Asia's economic success. To one degree or another, most of the countries have followed interventionist policies, sometimes experiencing remarkable success and other times not. Intervention included subsidized lending, tax incentives for selected industries, export promotion, directed credit, and the manipulation of interest rates. Furthermore, the majority of the countries got the macroeconomic fundamentals right with respect to fiscal and monetary policy, encouraging high levels of domestic spending, significant investment in primary, secondary and technical education, and being open to foreign direct investment and technology transfer. These countries also have created supportive public sectors run by bureaucrats who are well educated, relatively honest, and well paid. This is in stark contrast to what one finds in many developing countries and probably helps explain why many of these policies have failed to provide similar results in other locations. As comprehensive as the World Bank study is, however, it does not address how East Asia, generally lacking well developed money and capital markets, has been able to finance the kind of growth the region has experienced. A partial explanation for this apparent contradiction may be found in the form of a large and relatively efficient informal financial sector. Functioning in parallel with the formal sector but going largely unseen, the informal sector is nearly as important in aggregate terms as the formal sector. Of additional significance is the important role the overseas play within the informal sector, creating what Kao (1993) describes as the Chinese commonwealth, the single most important ethnic component of informal finance. The purpose of this study is to examine the character of informal finance, as well as the role and scope of the informal financial sector in extending informal credit throughout East Asia. This will entail discussion of the various components of the informal financial sector, its major participants, informal methods, sources of comparative advantage, and the magnitude of informal finance. The Anatomy of Informal Finance Perhaps the best way to describe the informal financial sector is in terms of its distinguishing characteristics, characteristics which contrast sharply with those of the formal sector and provide one with some insight into why informal methods of finance are so pervasive and enduring. Although the informal financial sector exists side-by-side with and in many instances complements the formal sector, it functions outside the preview of regulations imposed on the formal sector in respect to capital, reserve and liquidity requirements, ceilings on lending and deposit rates, mandatory credit targets, and audit reporting requirements (Asian Development Outlook 1990). As evidence of both its heterogeneity and cross-over role, the informal financial sector serves the inter-corporate funds market, the informal curb market, formal and informal finance companies, pawnshops, local money lenders, wholesalers, formal and informal credit unions, small farmers, retailers, chit funds, entrepreneurs, and individual borrowers and lenders from nearly every walk of life. The informal financial sector tends to provide funds for short term purposes, although both intermediate and longer term financing is frequently arranged. …" @default.
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• W289451630 date "1995-10-01" @default.
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• W289451630 title "Informal Finance and the East Asian Economic Miracle" @default.
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