文章基本信息

标题：Economic development, flow of funds, and the equilibrium interaction of financial frictions
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作者：Benjamin Moll ; Robert M. Townsend ; Victor Zhorin 等
期刊名称：Proceedings of the National Academy of Sciences
印刷版ISSN：0027-8424
电子版ISSN：1091-6490
出版年度：2017
卷号：114
期号：24
页码：6176-6184
DOI：10.1073/pnas.1707055114
语种：English
出版社：The National Academy of Sciences of the United States of America
摘要：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.
关键词：regional flow of funds ; financial frictions ; Thailand ; big data ; isolationist policies