WHAT IS THE COST OF FORMALITY: EXPERIMENTALLY ESTIMATING THE DEMAND FOR FORMALIZATION David McKenzie, World Bank (With Suresh de Mel and Chris Woodruff). March 2011. Why are so many firms informal? . Exclusion or romantic view if not for constraints, informal firms would be much larger
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WHAT IS THE COST OF FORMALITY: EXPERIMENTALLY ESTIMATING THE DEMAND FOR FORMALIZATIONDavid McKenzie, World Bank(With Suresh de Mel and Chris Woodruff)
=> Firms seem therefore to be rationally refraining from formalizing unless paid to do so.