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,

Invisible to official statistics and operating outside the reach of governmental regulation, informal finance markets often prove more efficient and more fair t

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

China is often mentioned as a counter-example to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is on