Financial intermediation, through raising returns to investment, contributes to economic growth. Informal financial schemes are often integrated in formal, well-organized national financial systems. The development of "mujin-kō" or "tonomoshi-ko," an important informal financial intermediary in...

This paper examines the impact of financial market development and liberalization on money demand behavior in Indonesia, Malaysia, Singapore, and Thailand since the early 1980s. The empirical results indicate continuing instability in the interaction of money growth, economic activity, and...