INFORMAL SECTOR AND ECONOMIC DEVELOPMENT: THE CREDIT SUPPLY CHANNEL
研究发现，在信贷供给受限的国家（如银行业集中或金融开放度低），减少正规部门进入壁垒和加强司法执行对降低非正规性和促进投资增长的效果有限，因为正规部门扩张会加剧信贷市场竞争，限制资本积累。
The standard view suggests that removing barriers to entry and improving judicial enforcement reduces informality and boosts investment and growth. However, a general equilibrium approach shows that this conclusion may hold to a lesser extent in countries with a constrained supply of funds because of, for example, a more concentrated banking sector or lower financial openness. When the formal sector grows larger in those countries, more entrepreneurs become creditworthy, but the higher pressure on the credit market limits further capital accumulation. We show empirical evidence consistent with these predictions.