“…In a broad sense, formality refers to operating under a set of rules established by the state, whereas informality refers to adhering to a set of rules established by negotiation and consensus among diverse actors (Banks et al, 2020). Formality is linked to stability in the extant literature, while informality is connected to instability (Tranberg Hansen & Vaa, 2004; Van Assche et al, 2014). In urban areas of emerging economies, however, the demarcation between formal and informal settings is ever shifting and speculative (Goldman, 2011; Roy, 2005; Schindler, 2014).…”