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The Role of Informal Finance in Household Capital Accumulation: Evidence from Taiwan

Timothy Besley and Alec R. Levenson
The Economic Journal
Vol. 106, No. 434 (Jan., 1996), pp. 39-59
Published by: Wiley on behalf of the Royal Economic Society
DOI: 10.2307/2234930
Stable URL: http://www.jstor.org/stable/2234930
Page Count: 21
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
The Role of Informal Finance in Household Capital Accumulation: Evidence from Taiwan
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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 has been great, many households still rely 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.

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