期刊
PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA
卷 114, 期 24, 页码 6176-6184出版社
NATL ACAD SCIENCES
DOI: 10.1073/pnas.1707055114
关键词
regional flow of funds; financial frictions; Thailand; big data; isolationist policies
资金
- Eunice Kennedy Shriver National Institute of Child Health and Human Development [R01 HD027638]
- research initiative Private Enterprise Development in Low-Income Countries
- Centre for Economic Policy Research and the Department for International Development [MRG002 1255]
- Consortium on Financial Systems and Poverty at the University of Chicago - Bill & Melinda Gates Foundation
- Thailand Research Fund
- Bank of Thailand
We use a variety of different datasets from Thailand to study not only the extremes of micro and macro variables but also within-country flow of funds and labor migration. We develop a general equilibrium model that encompasses regional variation in the type of financial friction and calibrate it to measured variation in regional aggregates. The model predicts substantial capital and labor flows from rural to urban areas even though these differ only in the underlying financial regime. Predictions for micro variables not used directly provide a model validation. Finally, we estimate the impact of a policy of counterfactual, regional isolationism.
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