This paper examines the long-term effect of historical financial institutions on the development of informal finance in contemporary China. By using data on 137

Informal finance consists of nonbank financing activities, whether conducted through family and friends, local money houses, or other types of financial associa

In this revealing book Junie Tong reflects on the role of banking and finance in China. The author adopts a critical perspective that views the societal as well

Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system,