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Village Economic Accounts: Real and Financial Intertwined

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  • Archawa Paweenawat
  • Robert M. Townsend

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.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.102.3.441
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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 102 (2012)
Issue (Month): 3 (May)
Pages: 441-46

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Handle: RePEc:aea:aecrev:v:102:y:2012:i:3:p:441-46

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  1. Pol Antràs & Ricardo J. Caballero, 2009. "Trade and Capital Flows: A Financial Frictions Perspective," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 117(4), pages 701-744, 08.
  2. Ben S. Bernanke & Julio J. Rotemberg, 2000. "NBER Macroeconomics Annual 1999, Volume 14," NBER Books, National Bureau of Economic Research, Inc, number bern00-1, October.
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