Macroeconomic Management with Informal Financial Markets
本文回顾了发展中国家非正规信贷和外汇市场的范围、性质及运作渠道，并分析了它们对货币和汇率政策、利率自由化及外汇市场统一等宏观经济管理的影响，强调改革方案设计需考虑非正规市场。
Informal credit and foreign currency markets are a widespread phenomenon in developing countries. This paper begins by reviewing the scope and nature of these markets, and the channels through which they operate. It then examines their implications for macroeconomic management, particularly in the areas of monetary and exchange rate policies, interest rate liberalization, and foreign exchange market unification. The analysis emphasizes the importance of accounting for the presence of informal markets in the design of macroeconomic reform programmes.