The characteristics of informal financial markets in sub-Saharan Africa

E. Aryeetey, C. Udry

Research output: Contribution to journalArticlepeer-review

27 Scopus citations


This paper provides a brief review of both the relevant theoretical and empirical literature; an account of the usefulness of the theoretical literature for interpreting the empirical research on informal finance in Africa; brief notes on some of the implications of the economics of incomplete information and imperfect contract enforcement for financial policy in Africa; and suggestions for a research programme that integrates detailed empirical observation with relevant theory. Comments on the paper follow on pp 204-211.

Original languageEnglish (US)
Pages (from-to)161-203
Number of pages43
JournalJournal of African Economies
Issue number1 Suppl.2
StatePublished - 1997

ASJC Scopus subject areas

  • Development
  • Economics and Econometrics


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