The allocative efficiency of the formal versus the informal financial sector

Robert Lensink

Applied Economics Letters, 1996, vol. 3, issue 3, 163-165

Abstract: An important reason for the disappointing effects of the financial reform programmes, as part of the structural adjustment programmes in sub-Saharan Africa, stems from the strong focus of the adjustment programmes on the formal banking sector. A financial reform programme which does not explicitly employ the knowledge of the informal financial sector may lead to a sub-optimal allocation of resources and hence may not improve the quality of investments.

Date: 1996
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DOI: 10.1080/135048596356582

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