非正规金融的成长:社会转型角度的分析

The Growth of Informal Finance: An Analysis Based on Society Transition

文章分析了传统乡土社会向现代契约社会转型过程中非正规金融正规化的趋势和条件,发现在社会转型中非正规金融出现了正规化的需要,而正规化的关键是合会会首能否从信息中介转变为信贷中介。随着规模的扩大和参与人的增加,会首有可能发展为具有信贷职能的金融机构,但同时地域性人际关系网络开放度的增加,会出现违约和监督问题。这些问题的解决需要监管当局承认其合法性。

This paper analyzes the trends and conditions of normalization of informal finance during the social transition period from traditional countryside society to modern contract society, and finds that the need of normalization of informal finance emerges during the process of society transition. The normalization depends on whether the role of ROSCAs as information agencies can change into credit agencies. As the scale expands and participants augment, ROSCAs may develop into financial organizations with credit function. But simultaneously, as the enhancement of the opening of the regional network, the issues of violating agreements and supervision will occur. In order to solve these problems, the supervision authority needs to admit the legality of ROSCAs.