Economic development, flow of funds, and the equilibrium interaction of financial frictions.
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ABSTRACT:
SUBMITTER: Moll B
PROVIDER: S-EPMC5474799 | biostudies-other | 2017 Jun
REPOSITORIES: biostudies-other
Publications
Economic development, flow of funds, and the equilibrium interaction of financial frictions.
Moll Benjamin B Townsend Robert M RM Zhorin Victor V
Proceedings of the National Academy of Sciences of the United States of America 20170607 24
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. Predictio ...[more]
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