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Economic development, flow of funds, and the equilibrium interaction of financial frictions
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...
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Published in: | Proceedings of the National Academy of Sciences - PNAS 2017-06, Vol.114 (24), p.6176-6184 |
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container_title | Proceedings of the National Academy of Sciences - PNAS |
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creator | Moll, Benjamin Townsend, Robert M. Zhorin, Victor |
description | 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. |
doi_str_mv | 10.1073/pnas.1707055114 |
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subjects | Capital Databases, Factual Datasets Economic Development Equilibrium Financial Management - economics Financial Management - statistics & numerical data Friction Funds Humans INAUGURAL ARTICLE Labor Mathematical models Migration Regional development Rural areas Rural Population Social Sciences Socioeconomic Factors Thailand Urban areas Urban Population Variables |
title | Economic development, flow of funds, and the equilibrium interaction of financial frictions |
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