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Informal capital sources and household investment: evidence from Taiwan

机译:非正式资本来源和家庭投资:来自台湾的证据

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摘要

The purpose of this paper is to investigate the importance of informal financial channels in capital accumulation by household investors. The focus is on the link between borrowing from informal financial institutions and households' investment in capital stock. The empirical evidence is drawn from micro-data from Taiwan for the period 1977-1992. During this period, Taiwan emerged rapidly as an industrialized economy despite of its relatively underdeveloped formal financial sector. The data show that informal financial channels were heavily relied on by small business entrepreneurs in Taiwan. It is found that informal financial institutions as a source of funds are important for small investors' capital accumulation.
机译:本文的目的是调查非正式金融渠道在家庭投资者资本积累中的重要性。重点是从非正式金融机构借贷与家庭对资本存量的投资之间的联系。经验证据来自台湾从1977-1992年期间的微观数据。在此期间,尽管台湾的正规金融部门相对欠发达,但台湾已迅速成为工业化经济体。数据显示,台湾的小企业主严重依赖非正式的金融渠道。人们发现,非正式金融机构作为资金来源对小投资者的资本积累很重要。

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