非正式行为会抑制投资和就业恢复吗？：南亚新冠肺炎危机的坚定证据

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This Policy Research Working Paper examines the relationship between informality and firms' investment and employment decisions in South Asia using data from the World Bank's Business Pulse Surveys. The study finds that informal firms, particularly necessity firms, face credit and liquidity constraints before and during the COVID-19 crisis. Access to finance is correlated with the extensive margin of informality in the pre-crisis period, while both margins matter during the crisis. Informal firms also perceive higher uncertainty due to pessimistic expectations. The findings suggest that informality depresses investments and job recovery in South Asia.