The Risk of Informal Finance: Formation, Contagion and Evolution

FANG Xian-ming, SUN Li

Journal of Central University of Finance & Economics ›› 2015, Vol. 0 ›› Issue (07) : 28-34.

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Journal of Central University of Finance & Economics ›› 2015, Vol. 0 ›› Issue (07) : 28-34.

The Risk of Informal Finance: Formation, Contagion and Evolution

  • FANG Xian-ming, SUN Li
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Abstract

The innovation and development of finance make the risks of informal finance can easily infiltrate to the formal financial market and the entity economy. And under the expectation of limited investment, inflation and asset bubble, the profit motive and removing physical tendency of private capital are making the informal financial risks continue to accumulate. Based on the in-depth analysis of the causes of the formation of informal financial risks, this paper suggests that the interest rate difference, cross flow of financial factors and information transmission are the main channels of informal financial risks spreading to the whole economic system; the informal financial risks evolution results not only risks accumulated in the informal financial market, but also permeate to the formal financial market and the entity economy, endanger the formal financial market. Therefore, this paper puts forward the suggestion that speeding up the marketization of interest rates, breaking the existing unreasonable credit guarantees system and establishing the “big supervision” system can be used to inhibition the risk diffusion in the process of the transmission and evolution of informal financial risks and then minimum the influence of the risks.

Key words

Informal finance / Risk formation / Contagion channel / Evolution path

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FANG Xian-ming, SUN Li. The Risk of Informal Finance: Formation, Contagion and Evolution[J]. Journal of Central University of Finance & Economics, 2015, 0(07): 28-34

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