Degryse, Hans; Lu, Liping; Ongena, Steven - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013
developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small … sales growth of small firms, but not for large firms. Informal finance offers informational and monitoring advantages, while … formal finance offers relatively inexpensive funds. Co-funding, i.e. the simultaneous use of formal and informal finance, is …