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Informal Finance in China: American and Chinese Perspectives

Informal Finance in China: American and Chinese Perspectives

Author: Jianjun Li; Sara Hsu
Publisher: Oxford University Press USA
ISBN: 9780195380644
Published In: October 2009
Format: Hardback , 216 pages
Jurisdiction: China ? Disclaimer:
Countri(es) stated herein are used as reference only

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- This book shows the landscape of informal finance in China. The authors did the research from historical, cultural, regional, micro and macro economic perspectives
- The book is written by the leading authors on informal finance in China
- Presently there is very little literature on informal finance in China
Informal finance consists of nonbank financing activities, whether conducted through family and friends, local money houses, or other types of financial associations. It has provided much-needed financing to small and medium enterprises (SMEs) in particular, in the face of a tightly constrained and overburdened formal banking system. Unable to obtain a bank loan, firms have relied upon individuals and informal organizations outside of the banking system to obtain financing for their ventures or working capital (operating funds). Presently there is a scarcity of information on informal finance in China and it is expected to have a significant impact upon GDP and money supply.

This book, with contributions from leading scholars, describes the evolution, characteristics, and variation of informal finance in China from American and Chinese perspectives. Literature by Jiang Shuxia, Jiang Xuzhao, and Li Jianjun has heretofore been available only in Chinese, while work by Kellee Tsai, Jianwen Liao, Harold Welsch, David Pistrui, and Sara Hsu has been available in English. For the first time, they come together to discuss informal financing and its many aspects.

Most of the essays are based upon original survey research conducted locally, as this type of data is not normally collected by the government. The papers pioneer the description and analysis of the nuances of informal finance from several perspectives; the authors look at the social, cultural, political, and economic causes of informal finance, its many variations, and its economic, personal, and political ramifications.

Readership: Foreign bankers, Private lenders, and Financial Regulatory officials, students majoring in finance, business, and economics. Entrepreneurs, public savers, scholars in finance and economics and agricultural economy
1.: Sara Hsu, Introduction
2.: : Shuxia Jiang, The Evolution of Informal Finance in China, and its Prospects
3.: : Jianjun Li, Informal Finance, Underground Finance, Illegal Finance and Economic Movement: A National Analysis
4.: Xuzhao Jiang, A Comparative Analysis of Regional Informal Financial Organizations in China
5.: Kellee Tsai, Beyond Banks: The Local Logic of Informal Finance and Private Sector Development in China
6.: : Jianwen Liao, Qian Ye, David Pistrui, and Harold P. Welsch: New Venture Financing: An Empirical Investigation of Chinese Entrepreneurs
7.: : Sara Hsu, Is Informal Finance Faster, Cheaper, Better than Formal Finance? A Study of Small and Medium Enterprises in Shanghai and Nanjing
8.: : Jianjun Li, Conclusion: Regulating Informal Finance in China
Appendix A: Qiang Fu & Jianjun Li, Informal Finance, Monetary Conditions and Economic Movements
Appendix B: Guangning Tian, The Story of One Entrepreneur's Financing Experience in Shanxi
Jianjun Li, Professor, Central University of Finance and Economics in Beijing, China, and Sara Hsu, Professor, Trinity University in San Antonio, Texas

Contributors:
American Authors:; Sara Hsu (Editor)Visiting Assistant Professor Trinity University Department of Economics;Jianwen Liao (Contributing Author) Associate Professsor Illinois Institute of Technology Stuart School of Business; David Pistrui (Contributing Author) Associate Professor Illinois Institute of Technology Stuart School of Business; Kellee S. Tsai (Contributing Author) Professor Johns Hopkins University Department of Political Science; Harold Welsch (Contributing Author) Professor DePaul University Department of Management; Qian Ye(Contributing Author) PhD Candidate University of Louisville College of Business Department of Management; Chinese Authors:; Jianjun Li (Editor) Assistant Dean and Professor Central University of Finance and Economics School of Finance; Xuzhao Jiang (Contributing Author) Dean and Professor China Ocean University School of Economics Shandong University School of Economics; Shuxia Jiang (Contributing Author) President Xiamen Chamber of Commerce Professor Xiamen University Department of Finance; Qiang Fu (Contributing Author) Director and Associate Professor Social Simulation Lab Central University of Finance and Economics Department of Financial Engineering; Guangning Tian (Contributing Author) Assistant Professor North China Electric Power University School of Business
"Informal financing has long caught the attention of academic circles as well as the wide public. However, the lack of in-depth and comprehensive study of the issue is as obvious as the phenomenon itself. Fortunately, this book now offers us an adequate and accurate analysis of the Chinese informal financing, by empirically tracing its evolution alongside the unfolding of the overall economic reform, and formulating theories based on actual cases from the field. The accomplishments of the book also owe a lot to the co-editors from both China and the United States, whose reputable contribution will certainly be appreciated by readers of this milestone work."

--Yejing Huang, Associate Research Professor, Institute of World Economy, Shanghai Academy of Social Sciences