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Publication Details
AFRICAN RESEARCH NEXUS
SHINING A SPOTLIGHT ON AFRICAN RESEARCH
economics, econometrics and finance
Informal Financial Markets under Liberalization in Four African Countries
World Development, Volume 25, No. 5, Year 1997
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Description
This paper presents survey evidence from four countries on how informal financial agents serve market niches that banks cannot readily reach. Their methodologies are effective in keeping down transaction costs and default risk relative to banks, although informal agents exercise monopoly power in dualistic markets. Liberalization of repressive financial policies has had little effect on formal financial deepening, while informal finance has continued to grow. The paper concludes that informal financial institutions are an important vehicle for mobilizing household savings and financing small businesses, and it recommends that informal finance be better integrated into financial development strategies. © 1997 Elsevier Science Ltd.
Authors & Co-Authors
Steel, William F.
United States, Washington, D.c.
The World Bank, Usa
Aryeetey, E.
Ghana, Accra
University of Ghana
Hettige, Hemamala
United States, Washington, D.c.
The World Bank, Usa
Nissanke, Machiko K.
United Kingdom, London
Soas University of London
Statistics
Citations: 170
Authors: 4
Affiliations: 3
Identifiers
Doi:
10.1016/S0305-750X(96)00133-7
ISSN:
0305750X
Research Areas
Health System And Policy
Study Design
Cross Sectional Study
Study Approach
Quantitative