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The role of informal finance in household capital accumulation: evidence from Taiwan

Besley, Timothy and Levenson, Alec (1996) The role of informal finance in household capital accumulation: evidence from Taiwan. Economic Journal, 106 (434). pp. 39-59. ISSN 0013-0133

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Abstract

Economies that experience rapid growth also experience major changes in their consumption patterns, particularly for consumer durables. This paper studies the diffusion of durables in Taiwan between 1977 and 1991. We focus on the link between household accumulation of durables and participation in informal financial institutions. While growth in per capita income in Taiwan had been great, many households still reply on traditional forms of finance. We test the idea that rotating savings and credit associations, which are found worldwide, exist to lower the cost of saving for durables. Our analysis finds evidence of that link.

Item Type: Article
Official URL: http://onlinelibrary.wiley.com/journal/10.1111/%28...
Library of Congress subject classification: D History General and Old World > DS Asia
H Social Sciences > HC Economic History and Conditions
Journal of Economic Literature Classification System: N - Economic History > N3 - Labor and Consumers, Demography, Education, Health, Income, and Wealth > N35 - Economic History: Labor and Consumers, Demography, Education, Health, Income and Wealth: Asia including Middle East
Sets: Departments > Economics
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 27 Apr 2007
URL: http://eprints.lse.ac.uk/1533/

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