000	01928cam  2200289za 4500
001	9.862983
003	CaOODSP
005	20221107161151
007	cr |||||||||||
008	181010s2018    oncd    ob   f000 0 eng d
040	|aCaOODSP|beng
041	|aeng|bfre
086	1 |aFB3-5/2018-49E-PDF
100	1 |aShao, Lin.
245	10|aFinancial development beyond the formal financial market |h[electronic resource] / |cby Lin Shao.
260	|a[Ottawa] : |bBank of Canada, |c2018.
300	|aii, 25, 16 p. : |bcol. charts.
490	1 |aBank of Canada staff working paper, |x1701-9397 ; |v2018-49
500	|a"September 2018."
504	|aIncludes bibliographical references (p. 24-25).
520	3 |a"This paper studies the effects of financial development, taking into account both formal and informal financing. Using cross-country firm-level data, we document that informal financing is utilized more by rich countries than poor countries. To account for this empirical pattern, we build a model in which the supply of informal financing increases with financial development, while the demand for informal financing declines with it. The model generates a hump-shaped relationship between the incidence of informal financing and GDP per capita. Our analysis shows that, at the early stage of economic development, the output loss from financial frictions is reinforced by the low supply of informal financing. Informal financing contributes more to the aggregate output of the richest countries than to that of the poorer countries in our sample"--Abstract, p. ii.
546	|aIncludes abstract in French.
693	4|aFinance
693	4|aInformal sector (Economics)
710	2 |aBank of Canada.
830	#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2018-49.|w(CaOODSP)9.806221
856	40|qPDF|s510 KB|uhttps://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-5-2018-49-eng.pdf