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Village Economic Accounts: Real and Financial Intertwined

Author(s)
Townsend, Robert; Paweenawat, Archawa
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Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.

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Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.
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Abstract
We propose a framework to create village economic and balance of payments accounts from a micro-level household survey. Using the Townsend Thai data, we create the accounts for villages in rural and semi-urban areas of Thailand. We then study these village economies as small open countries, exploring in particular the relationship between the real and financial variables. We examine cross-village risk-sharing and the Feldstein-Horioka puzzle. Our results suggest that within-village risk-sharing is better than across-village and, while there is smoothing in both, the mechanisms are different. We also find that, unlike countries, the cross-village capital markets are highly integrated.
Date issued
2012-05
URI
http://hdl.handle.net/1721.1/73202
Department
Massachusetts Institute of Technology. Department of Economics
Journal
American Economic Review
Publisher
American Economic Association
Citation
Paweenawat, Archawa, and Robert M Townsend. “Village Economic Accounts: Real and Financial Intertwined.” American Economic Review 102.3 (2012): 441–446. © 2012 AEA
Version: Final published version
ISSN
0002-8282
1944-7981

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