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US-China relations and America's Asian partners

The US-China relationship is in a state of sharp decline – and, as the confrontation between the world’s two largest economies risks intensifying into outright trade war, the stability of the global system is being shaken. The crisis risks uprooting global value chains and escalating into full-blown technological decoupling across the globe as the US and other western governments proceed to crack down on perceived foreign interference in industry and science.

Understanding informal financing

This paper offers a framework to understand informal financing based on mechanisms to deal with asymmetric information and enforcement. It finds that constructive informal financing such as trade credits and family borrowing that relies on information advantages or an altruistic relationship is associated with good firm performance. Underground financing such as money lenders who use violence for enforcement is not. Constructive informal financing is prevalent in regions where access to bank loans is extensive, while its role in supporting firm growth decreases with bank loan availability.

Asia & the Pacific Policy Studies
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Updated:  27 September 2020/Responsible Officer:  Crawford Engagement/Page Contact:  CAP Web Team