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|a This paper studies the effects of financial development, taking into account both formal and informal financing. Using cross-country firm-level data, we document that informal financing is utilized more by rich countries than poor countries. To account for this empirical pattern, we build a model in which the supply of informal financing increases with financial development, while the demand for informal financing declines with it. The model generates a hump-shaped relationship between the incidence of informal financing and GDP per capita. Our analysis shows that, at the early stage of economic development, the output loss from financial frictions is reinforced by the low supply of informal financing. Informal financing contributes more to the aggregate output of the richest countries than to that of the poorer countries in our sample.
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SOLR
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Electronic Resources |
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Shao, Lin |
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Shao, Lin |
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aut |
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Shao, Lin |
| author_variant |
l s ls |
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lfer |
| contents |
This paper studies the effects of financial development, taking into account both formal and informal financing. Using cross-country firm-level data, we document that informal financing is utilized more by rich countries than poor countries. To account for this empirical pattern, we build a model in which the supply of informal financing increases with financial development, while the demand for informal financing declines with it. The model generates a hump-shaped relationship between the incidence of informal financing and GDP per capita. Our analysis shows that, at the early stage of economic development, the output loss from financial frictions is reinforced by the low supply of informal financing. Informal financing contributes more to the aggregate output of the richest countries than to that of the poorer countries in our sample. |
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(DE-627)1031802649, (DE-599)GBV1031802649 |
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Online, Free |
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eBook |
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Book, E-Book |
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Ebook |
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Book, E-Book |
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Book, E-Book |
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Buch |
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text-online-monograph-independent |
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e-Book |
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Book, E-Book |
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ElectronicBook |
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Book, E-Book |
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Book, E-Book |
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E-Book |
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not assigned |
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Canada |
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0-52722488X |
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Bank of Canada: Staff working paper |
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201804900 |
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0-52722488X |
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Bank of Canada: Staff working paper |
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Not Illustrated |
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[Ottawa], Bank of Canada, [2018] |
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[Ottawa]: Bank of Canada, [2018] |
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DE-D117, DE-105, LFER, DE-Ch1, DE-15, DE-14, DE-L242, DE-Zwi2 |
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0-1031802649 |
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Financial development beyond the formal financial market |
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1701-9397 |
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1031802649 |
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English |
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2023-12-22T07:21:19.933Z |
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Verbunddaten SWB, Lizenzfreie Online-Ressourcen |
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EBOOK |
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281337101 |
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(281337101)2018, 49 (September 2018) |
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(DE-588)115140005X, (DE-627)1011608685, (DE-576)497710838 |
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1 Online-Ressource (circa 46 Seiten); Illustrationen |
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[2018] |
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2018 |
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[Ottawa] |
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Bank of Canada |
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1031802649 |
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Bank of Canada, Staff working paper, 2018, 49 (September 2018) |
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Staff working paper / Bank of Canada ; 2018, 49 (September 2018) |
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0 |
| spelling |
Shao, Lin VerfasserIn (DE-588)115140005X (DE-627)1011608685 (DE-576)497710838 aut, Financial development beyond the formal financial market by Lin Shao, [Ottawa] Bank of Canada [2018], 1 Online-Ressource (circa 46 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Staff working paper / Bank of Canada 2018, 49 (September 2018), This paper studies the effects of financial development, taking into account both formal and informal financing. Using cross-country firm-level data, we document that informal financing is utilized more by rich countries than poor countries. To account for this empirical pattern, we build a model in which the supply of informal financing increases with financial development, while the demand for informal financing declines with it. The model generates a hump-shaped relationship between the incidence of informal financing and GDP per capita. Our analysis shows that, at the early stage of economic development, the output loss from financial frictions is reinforced by the low supply of informal financing. Informal financing contributes more to the aggregate output of the richest countries than to that of the poorer countries in our sample., Zusammenfassung in französischer Sprache, Bank of Canada Staff working paper 2018, 49 (September 2018) 201804900 (DE-627)52722488X (DE-576)281337101 (DE-600)2278568-1 1701-9397, https://www.bankofcanada.ca/2018/09/staff-working-paper-2018-49/ Verlag kostenfrei Volltext, https://www.bankofcanada.ca/wp-content/uploads/2018/09/swp2018-49.pdf Verlag kostenfrei Volltext, http://hdl.handle.net/10419/197902 Resolving-System kostenfrei, https://www.bankofcanada.ca/wp-content/uploads/2018/09/swp2018-49.pdf LFER, LFER 2019-05-07T00:00:00Z |
| spellingShingle |
Shao, Lin, Financial development beyond the formal financial market, Bank of Canada, Staff working paper, 2018, 49 (September 2018), This paper studies the effects of financial development, taking into account both formal and informal financing. Using cross-country firm-level data, we document that informal financing is utilized more by rich countries than poor countries. To account for this empirical pattern, we build a model in which the supply of informal financing increases with financial development, while the demand for informal financing declines with it. The model generates a hump-shaped relationship between the incidence of informal financing and GDP per capita. Our analysis shows that, at the early stage of economic development, the output loss from financial frictions is reinforced by the low supply of informal financing. Informal financing contributes more to the aggregate output of the richest countries than to that of the poorer countries in our sample. |
| title |
Financial development beyond the formal financial market |
| title_auth |
Financial development beyond the formal financial market |
| title_full |
Financial development beyond the formal financial market by Lin Shao |
| title_fullStr |
Financial development beyond the formal financial market by Lin Shao |
| title_full_unstemmed |
Financial development beyond the formal financial market by Lin Shao |
| title_in_hierarchy |
2018, 49 (September 2018). Financial development beyond the formal financial market ([2018]) |
| title_short |
Financial development beyond the formal financial market |
| title_sort |
financial development beyond the formal financial market |
| title_unstemmed |
Financial development beyond the formal financial market |
| url |
https://www.bankofcanada.ca/2018/09/staff-working-paper-2018-49/, https://www.bankofcanada.ca/wp-content/uploads/2018/09/swp2018-49.pdf, http://hdl.handle.net/10419/197902 |
