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Local Financial Development and Household Welfare: Microevidence from Thai Households

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  • Gloede, Oliver
  • Rungruxsirivorn, Ornsiri

Abstract

We provide new micro evidence on the discussion about the relationship between financial development and welfare. Relying on the concept of local financial development our analysis focuses on three dimensions of household welfare: vulnerability to poverty, investment, and consumption smoothing. Even though we cannot find a significant effect on vulnerability, we provide evidence that financial development is correlated with higher investment and better possibilities to smooth consumption. The extent of both effects is also economically significant. Our results hold for alternative specifications and variations in the measurement of financial development. --

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Paper provided by Verein für Socialpolitik, Research Committee Development Economics in its series Proceedings of the German Development Economics Conference, Hannover 2010 with number 38 [rev.].

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Date of creation: 2012
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Handle: RePEc:zbw:gdec10:38r

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Keywords: credit rationing; investment; consumption; consumption smoothing; growth;

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  1. Amin, S. & Rai, A.S. & Topa, G., 2000. "Does Microcredit Reach the Poor and Vulnerable? Evidence from Nothern Bangladesh," Papers, Chicago - Graduate School of Business 28, Chicago - Graduate School of Business.
  2. Moulton, Brent R., 1986. "Random group effects and the precision of regression estimates," Journal of Econometrics, Elsevier, Elsevier, vol. 32(3), pages 385-397, August.
  3. Demetriades, Panicos O. & James, Gregory A., 2011. "Finance and growth in Africa: The broken link," Economics Letters, Elsevier, Elsevier, vol. 113(3), pages 263-265.
  4. Haselmann, Rainer & Marsch, Katharina & Weder di Mauro, Beatrice, 2009. "Real Effects of Bank Governance: Bank Ownership and Corporate Innovation," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7488, C.E.P.R. Discussion Papers.
  5. Marian Rizov, 2002. "Budget Constraints and Profitability: Evidence from a Transition Economy," LICOS Discussion Papers, LICOS - Centre for Institutions and Economic Performance, KU Leuven 11602, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
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