Financial Systems in Developing Economies: Growth, Inequality and Policy Evaluation in Thailand

Financial Systems in Developing Economies: Growth, Inequality and Policy Evaluation in Thailand

Volumn , Issue , 2011, Pages 1-488

  Townsend, Robert M ^a  

^a MASSACHUSETTS INSTITUTE OF TECHNOLOGY   (United States)

Author keywords

Developing economy; Equilibrium system; Financial institutions; GDP; Poverty reduction; Thailand

Indexed keywords

EID: 84921555781     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1093/acprof:oso/9780199533237.001.0001     Document Type: Book

References (186)

1. Abiad, A., N. Oomes, and K. Ueda (2004) 'The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital?', IMF Working Paper No. 04/112, Washington, DC. IMF.
2. Acemoglu, D., and F. Zilibotti (1997) 'Was Prometheus Unbound by Chance?: Risk, Diversification, and Growth', Journal of Political Economy, 105: 709-51.
3. Aghion, P., and P. Bolton (1997) 'A Theory of Trickle-down Growth and Development', Review of Economic Studies, 64: 151-72.
4. Aghion, P., and P. Howitt (1995) 'Technical Progress in the Theory of Economic Growth'. In J.-P. Fitoussi (ed.), Economics in a Changing World: Proceedings of the Tenth World Congress of the International Economic Association, v. London: Macmillan: 101-22.
5. Ahlin, C., and R. M. Townsend (2004) 'Using Repayment Data to Test Across Models of Joint Liability Lending'. Bureau for Research and Economic Analysis of Development Working Paper No. 072. #http://ipl.econ.duke.edu/bread/papers/working/072.pdf#.
6. Ahlin, C., and R. M. Townsend (2007a) 'Selection into and across Credit Contracts: Theory and Field Research', Journal of Econometrics, 136: 665-98.
7. Ahlin, C., and R. M. Townsend (2007b) 'Using Repayment Data to Test Across Models of Joint Liability Lending', Economic Journal, 117/517: F11-F51.
8. Alem, M., and R. M. Townsend (2006) 'An Evaluation of Safety Nets and Financial Institutions in Crisis and Growth'. #http://cier.uchicago.edu/papers/2006/alem-townsend-0804.pdf#.
9. Assunção, J., S. Mityakov, and R. M. Townsend (2008) 'Commercial vs. Government Development Banks: Heterogeneous Spatial Expansion Patterns'. Paper presented at Innovations in Development Theory and Survey Data: Implications for Policy Conference, Bangkok, 4-6 Aug. 2008.
10. Banerjee, A. (2003) 'Contracting Constraints, Credit Markets and Economic Development', Massachusetts Institute of Technology Department of Economics Working Paper No. 02-17. Cambridge, Mass.: MIT.
11. Banerjee, A. T. Besley, and T. W. Guinnane (1994) 'Thy Neighbor's Keeper: The Design of a Credit Cooperative with Theory and a Test', Quarterly Journal of Economics, 109: 491-515.
12. Banerjee, A. and E. Duflo (2003) 'Inequality and Growth: What Can the Data Say?', Journal of Economic Growth, 8: 267-99.
13. Banerjee, A., and E. Duflo (2004) 'Growth Theory through the Lens of Development Economics', Massachusetts Institute of Technology Department of Economics Working Paper No. 05-01. Cambridge, Mass.: MIT.
14. Banerjee, A., and K. Munshi (2004) 'How Efficiently is Capital Allocated?: Evidence from the Knitted Garment Industry in Tirupur', Review of Economic Studies, 71: 19-42.
15. Banerjee, A., and A. Newman (1993) 'Occupational Choice and the Process of Development', Journal of Political Economy, 101: 274-98.
16. Bank of Thailand (2003) 'National Statistical Office Annual Economic Report 2003', Bangkok. #http://www.bot.or.th/English/ResearchAndPublications/Report/DocLib_AnnualEconReport/Annual-03.pdf#.
17. Bank of Thailand Money and Finance Section (1997) 'Financial Institutions and Markets in Thailand'. Bangkok : Bank of Thailand Economic Research Department Report.
18. Barro, R. J. (2000) 'Inequality and Growth in a Panel of Countries', Journal of Economic Growth, 5: 5-32.
19. Barro, R. J. and X. Sala-i-Martin (2004) Economic Growth. 2nd edn. Cambridge, Mass.: MIT Press.
20. Beck, T., R. Levine, and N. Loayza (2000) 'Finance and the Sources of Growth', Journal of Financial Economics, 58: 261-300.
21. Bencivenga, V. R., and B. D. Smith (1991) 'Financial Intermediation and Endogenous Growth', Review of Economic Studies, 58: 195-209.
22. Berglof, E., and S. Claessens (2004) 'Corporate Governance and Enforcement', Policy Research Working Paper No. 3409, Washington, DC.
23. Bertrand, M., P. Mehta, and S. Mullainathan (2002) 'Ferreting Out Tunneling: An Application to Indian Business Groups', Quarterly Journal of Economics, 117: 121-48.
24. Bertrand, M., A. Schoar, and D. Thesmar (2004) 'Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985', Centre for Economic Policy Research Discussion Paper No. 4488. London: CEPR.
25. Besley, T., and S. Coate (1995) 'Group Lending, Repayment Incentives and Social Collateral', Journal of Development Economics, 46: 1-18.
26. Binford, M. W., T. Jeong Lee, and R. M. Townsend (2004) 'Sampling Design for an Integrated Socio-economic and Ecologic Survey Using Satellite Remote Sensing and Ordination', Proceedings of the National Academy of Sciences, 101: 11517-22.
27. Blundell, R., L. Pistaferri, and I. Preston (2004) 'Consumption Inequality and Partial Insurance', Institute for Fiscal Studies Working Paper No. W04/28. London: IFS.
28. Bond, P. (2004) 'Bank and Nonbank Financial Intermediation', Journal of Finance, 59: 2489-529.
29. Bourguignon, F. (1979) 'Decomposable Income Inequality Measures', Econometrica, 47: 901-20.
30. Bourguignon, F. and F. H. G. Ferreira (2004) 'Decomposing Changes in the Distribution of Household Incomes: Methodological Aspects'. In F. Bourguignon, F. H. G.Ferreira, and N. Lustig (eds), The Microeconomics of Income Distribution Dynamics in East Asia and Latin America. Washington, DC: World Bank: 17-47.
31. Bourguignon, F., and C. Morrisson (2002) 'The Size Distribution of Income among World Citizens: 1820-1990'. World Bank. manuscript. #http://siteresources.worldbank.org/INTDECINEQ/Resources/bourguignon.pdf#.
32. Browning, M., and P.-A. Chiappori (1998) 'Efficient Intra-household Allocations: A General Characterization and Empirical Tests', Econometrica, 66: 1241-78.
33. Buera, F. (2003) 'A Dynamic Model of Entrepreneurial Choice with Borrowing Constraints'. University of Chicago. manuscript. #http://cier.uchicago.edu/papers/students/pacothesis.pdf#.
34. Buera, F. (2008) 'Persistency of Poverty, Financial Frictions and Entrepreneurship'. Northwestern University. Manuscript. #http://www.econ.ucla.edu/fjbuera/papers/paper120071217.pdf#.
35. Buera, F. (2009) 'A Dynamic Model of Entrepreneurship with Borrowing Constraints: Theory and Evidence', Ann. Finance, 5: 443-64.
36. Burgess, R., and R. Pande (2005) 'Do Rural Banks Matter?: Evidence from the Indian Social Banking Experiment', American Economic Review, 95: 780-95.
37. Caballero, R. J. (2007) 'Specificity and the Macroeconomics of Restructuring'. Cambridge, Mass.: MIT Press.
38. Caballero, R. J., T. Hoshi, and A. K. Kashyap (2006) 'Zombie Lending and Depressed Restructuring in Japan', National Bureau of Economic Research Working Paper No. W12129, Cambridge.
39. Cagetti, M., and Mariacristina De Nardi (2005) 'Wealth Inequality: Data and Models'. Federal Reserve Bank of Chicago Working Paper No. 2005-10.
40. Cashin, P., H. Liang, and C. John McDermott (1999) 'How Persistent are Shocks to World Commodity Prices?' IMF Working Paper No. 99/80. Washington, DC.: IMF.
41. Chiappori, P. A., K. Samphantharak, S. Schulhofer-Wohl, and R. M. Townsend (2006) 'Heterogeneity and Risk Sharing in Thai Villages'. mimeo.
42. Chue, T., and D. Cook (2004) 'Sudden Stops and Liability Dollarization: Evidence from East Asian Financial Intermediaries'. Far Eastern Meetings 646. Econometric Society.
43. Colander, D. C. (2004) Macroeconomics, 5th edn. New York: McGraw-Hill.
44. Colander, D. C. (2007) Macroeconomics, 7th edn. New York: McGraw-Hill.
45. Cunha, F., and J. J. Heckman (2008) 'A New Framework for the Analysis of Inequality', Macroeconomic Dynamics, 12 (Suppl. 2): 315-54.
46. De Nardi, M., and M. Cagetti (2008) 'Wealth Inequality: Data and Models', Macroeconomic Dynamics, 12 (Suppl. 2): 285-313.
47. Deaton, A. (1997) 'The Analysis of Household Surveys: A Microeconometric Approach to Development Policy'. Baltimore, Md.: Johns Hopkins University Press for the World Bank.
48. Deaton, A. (2005) 'Measuring Poverty in a Growing World (or Measuring Growth in a Poor World)', Review of Economics and Statistics, 87: 1-19.
49. Demirgüç-Kunt, A., and V. Maksimovic (1998) 'Law, Finance and Firm Growth', Journal of Finance, 53: 2107-37.
50. Doepke, M., and R. M. Townsend (2006) 'Dynamic Mechanism Design with Hidden Income and Hidden Auctions', Journal of Economic Theory, 126: 235-85.
51. Dollar, D., and M. Hallward-Driemeier (1998) 'Crisis, Adjustment, and Reform: Results from the Thailand Industrial Survey', Conference on Thailand's Dynamic Economic Recovery and Competitiveness, National Economic and Social Development Board of Thailand/World Bank, Bangkok, May.
52. Dollar, D., and A. Kraay (2001) 'Growth is Good for the Poor', World Bank Policy Research Working Paper No. 2587, Washington, DC.
53. Dollar, D., and A. Kraay (2002) 'Spreading the Wealth', Foreign Affairs, 81: 120-76.
54. Duflo, E. (2003) 'Grandmothers and Granddaughters: Old Age Pension and Intra-household Allocation in South Africa', World Bank Economic Review, 17: 1-25.
55. Duflo, E. and C. Udry (2004) 'Intrahousehold Resource Allocation in Côte d'Ivoire: Social Norms, Separate Accounts and Consumption Choices', National Bureau of Economic Research Working Paper No. 10498. Cambridge.
56. Evans, D. S., and B. Jovanovic (1989) 'An Estimated Model of Entrepreneurial Choice under Liquidity Constraints', Journal of Political Economy, 97: 808-27.
57. Fafchamps, M., and S. Lund (2000) 'Risk-sharing Networks in Rural Philippines', Economics Working Papers in Oxford Department of Economics Series 10. Oxford.
58. Faust, K., B. Entwisle, R. R. Rindfuss, and Y. Sawangdee (1999) 'Spatial Arrangement of Social and Economic Networks among Villages in Nang Rong District, Thailand', Social Networks, 21: 311-37.
59. Fazzari, S. M., R. G. Hubbard, and B. Petersen (2000) 'Investment Cash Flow Sensitivities are Useful: A Comment', Quarterly Journal of Economics, 115: 695-705.
60. Felkner, J. S. (2000) 'A Digital Spatial Predictive Model of Land-use Change Using Economic and Environmental Inputs and a Statistical Tree Classification Approach: Thailand, 1970s-1990s'. DDes. dissertation, Harvard University. In ABI/INFORM Proquest Complete [database on-line] #http://www.proquest.com# (publication No. AAt 9988860).
61. Felkner, J., and R. M. Townsend (2004) 'The Wealth Villages: An Application of GIS and Spatial Statistics to Two Structural Economic Models', Social Science Computing Services, University of Chicago. Unpub.
62. Felkner, J., and R. M. Townsend (2007) 'Enterprise and the Wealth of Villages'. Working Paper. #http://cier.uchicago.edu/papers/2006/felkner_townsend_2006.pdf#.
63. Felkner, J., and Q. Youliang (2006) 'A Distributed Semantic GIS Metadata Framework', 2006 Environmental Systems Research Institute (ESRI) Conference, 7-11 Aug. 2006, San Diego, Calif.
64. Ferreira, F. H. G., P. G. Leite, and J. A. Litchfield (2007) 'The Rise and Fall of Brazilian Inequality: 1981-2004', Macroeconomic Dynamics, 12 (Suppl. 2): 199-230.
65. Forbes, K. J. (2000) 'A Reassessment of the Relationship between Inequality and Growth', American Economic Review, 90: 869-87.
66. Foster, A. D., and M. R. Rosenzweig (1996) 'Comparative Advantage, Information and the Allocation of Workers to Tasks: Evidence from an Agricultural Labour Market', Review of Economic Studies, 63: 347-74.
67. Foster, A. D., and M. R. Rosenzweig (2000) 'Financial Intermediation, Transfers, and Commitment: Do Banks Crowd Out Private Insurance Arrangements in Low-income Rural Areas?'. In A. Mason and G. Tapinos (eds), Sharing the Wealth: Intergenerational Economic Relations and Demographic Change. New York and Oxford: Oxford University Press.
68. Galbraith, J. K. (2002) 'By the Numbers', Foreign Affairs, 81: 178-83.
69. Galor, O., and J. Zeira (1993) 'Income Distribution and Macroeconomics', Review of Economic Studies, 60: 35-52.
70. Ghatak, M. (2000) 'Screening by the Company You Keep: Joint Liability Lending and the Peer Selection Effect', Economic Journal, 110: 601-31.
71. Giné, X. (2005) 'Access to Capital in Rural Thailand: An Estimated Model of Formal Versus Informal Credit', World Bank Policy Research Working Paper No. WPS 3502. Washington, DC.
72. Giné, X. and R. M. Townsend (2003) 'Evaluation of Financial Liberalization: A General Equilibrium Model with Constrained Occupation Choice'. IMF Policy Research Working Paper No. WPS 3014. Washington, DC: IMF.
73. Giné, X. and R. M. Townsend (2004) 'Evaluation of Financial Liberalization: A General Equilibrium Model with Constrained Occupation Choice', Journal of Development Economics, 74: 269-307.
74. Goldstein, M., and C. Udry (1999) 'Gender and Land Resource Management in Southern Ghana'. Working Paper. #http://www.econ.yale.edu/~cru2//pdf/soilpap2.pdf#.
75. Gollin, D. (2002) 'Getting Income Shares Right', Journal of Political Economy, 110: 458-74.
76. Gorman, W. M. (1953) 'Community Preference Fields', Econometrica, 21: 63-80.
77. Gourinchas, P.-O., and J. A. Parker (2002) 'Consumption over the Life-cycle', Econometrica, 70: 47-89.
78. Greenwood, J., and B. Jovanovic (1990) 'Financial Development, Growth, and the Distribution of Income', Journal of Political Economy, 98: 1076-107.
79. Guiso, L., P. Sapienza, and L. Zingales (2006) 'The Cost of Banking Regulation'. National Bureau of Economic Research Working Paper No. 12501. Cambridge.
80. Haksar, V. (2000) 'Financial Sector Restructuring in Thailand: Selected Issues', IMF Staff Country Report Number 00/21. Washington, DC: IMF.
81. Haksar, V. and P. P. Kongsamut (2003) 'Dynamics of Corporate Performance in Thailand'. IMF Working Paper No. 03/214. Washington, DC: IMF.
82. Heaton, J., and D. Lucas (2000) 'Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk', Journal of Finance, 55: 1163-98.
83. Heckman, J. J., and E. Vytlacil (2001) 'Local Instrumental Variables'. In C.Hsiao, K. Morimune, and J. L. Powell (eds), Nonlinear Statistical Modeling: Proceedings of the Thirteenth International Symposium in Economic Theory and Econometrics: Essays in Honor of Takeshi Amemiya. Cambridge and New York, Cambridge University Press: 1-46.
84. Hsiao, K. Morimune, and J. L. Powell (2005) 'Structural Equations, Treatment Effects and Econometric Policy Evaluation', Econometrica, 73: 669-738.
85. Heckman, J. J., L. J. Lochner, and C. Taber (1998a) 'Explaining Rising Wage Inequality: Explorations with a Dynamic General Equilibrium Model of Labor Earnings with Heterogeneous Agents', Review of Economic Dynamics, 1: 1-58.
86. Heckman, J. J., L. J. Lochner, and C. Taber (1998b) 'General Equilibrium Treatment Effects: A Study of Tuition Policy', American Economic Review, 88: 381-6.
87. Heckman, J. J., S. Urzua, and E. Vytlacil (2006) 'Understanding Instrumental Variables in Models with Essential Heterogeneity', Review of Economics and Statistics, 88: 389-432.
88. Holmström, B., and P. Milgrom (1990) 'Regulating Trade Among Agents', Journal of Institutional and Theoretical Economics, 146: 85-105.
89. Hook, J., S. Novak, and R. Johnston (2003) Social Atlas of the Lower Mekong Basin. Phnom Penh: Mekong River Commission.
90. Imbens, G. W., and J. D. Angrist (1994) 'Identification and Estimation of Local Average Treatment Effects', Econometrica, 62: 467-75.
91. International Monetary Fund (2003) 'Tanzania: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Banking Supervision'. IMF Country Report No. 03/241, prepared by the Monetary and Financial Systems and the African Departments. Washington, DC: IMF.
92. Jeong, H. (2000) 'Sources of Kuznets Dynamics in Thailand'. University of Chicago PhD thesis.
93. Jeong, H. (2008) 'Assessment of Relationship between Growth and Inequality: Micro Evidence from Thailand', Macroeconomic Dynamics (spec. issue on inequality), 12: 155-97.
94. Jeong, H. (2007) 'Sources of TFP Growth: Occupational Choice and Financial Deepening', Economic Theory, 32: 179-221.
95. Jeong, H. (2008) 'Growth and Inequality: Model Evaluation Based on an Estimation-Calibration Strategy', Macroeconomic Dynamics Special Issue on Inequality, 12: 231-84.
96. Juhn, C., K. M. Murphy, and B. Pierce (1993) 'Wage Inequality and the Rise in Returns to Skill', Journal of Political Economy, 101: 410-42.
97. Kaboski, J. P., and R. M. Townsend (1998) 'Borrowing and Lending in Semiurban and Rural Thailand'. University of Chicago. manuscript.
98. Kaboski, J. P., and R. M. Townsend (2004) 'The Impact of Credit: An Early Evaluation of a Large-scale Government Credit Injection'. Chicago: University of Chicago. mimeo.
99. Kaboski, J. P., and R. M. Townsend (2005) 'Policies and Impact: An Analysis of Village-level Microfinance Institutions', Journal of the European Economic Association, 3: 1-50.
100. Kaboski, J. P., and R. M. Townsend (2007) 'Consumption Investment and Saving Under Credit Constraints: Testing Structural Theory Using a Large-scale Micro Finance Experiment'. unpub. #http://cier.uchicago.edu/papers/2006/buffstockassa010306.pdf#.
101. Kaplan, S. N., and L. Zingales (1997) 'Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints', Quarterly Journal of Economics, 112: 169-215.
102. Kaplan, S. N., and L. Zingales (2000) 'Investment Cash Flow Sensitivities are Not Valid Measures of Financing Constraints', Quarterly Journal of Economics, 115: 707-12.
103. Karaivanov, A. (2001) 'Computing Moral Hazard Programs with Lotteries Using Matlab'. manuscript. #http://www.sfu.ca/~akaraiva/MHmatlab.pdf#.
104. Karaivanov, A. (2003) 'Financial Contracts and Occupational Choice'. University of Chicago PhD thesis.
105. Kehoe, T. J., and E. C. Prescott (2002) 'Great Depressions of the Twentieth Century', Review of Economic Dynamics, 5: 1-18.
106. Kermel-Torrès, D. (2004) Atlas of Thailand: Spatial Structures and Development. Paris and Chiang Mai: IRD Editions/Silkworm Books.
107. Kilenthong, W. (2005) 'Collateralized Contracts as a Risk Sharing Mechanism'. #http://economics.uchicago.edu/download/job_market.pdf#.
108. King, R. G., and R. Levine (1993) 'Finance and Growth: Schumpeter Might be Right', Quarterly Journal of Economics, 108: 717-37.
109. Koriyama, Y., and R. M. Townsend (2008) 'Dynamic Poverty Mapping in Thailand: A Spatial Kuznets Analysis'. Working Paper. #http://www.yatsuke.gr.jp/~korbie/KoriyamaTownsend2008SpatialKuznetsALL.pdf#.
110. Legros, P., and A. F. Newman (1996) 'Wealth Effects, Distribution, and the Theory of Organization', Journal of Economic Theory, 70: 312-41.
111. Lehnert, A., E. Ligon, and R. M. Townsend (1999) 'Liquidity Constraints and Incentive Contracts', Macroeconomic Dynamics, 3: 1-47.
112. Levine, R. (1997) 'Financial Development and Economic Growth: Views and Agenda', Journal of Economic Literature, 35: 688-726.
113. Lim, Y., and R. M. Townsend (1998) 'General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies', Review of Economic Dynamics, 1: 59-118.
114. Lloyd-Ellis, H., and D. Bernhardt (2000) 'Enterprise, Inequality and Economic Development', Review of Economic Studies, 67: 147-68.
115. Lucas Jr, R. E. (1993) 'Making a Miracle', Econometrica, 61: 251-72.
116. Lucas Jr, R. E. (2004) 'The Industrial Revolution: Past and Future'. 2003 Annual Report Essay. Minneapolis, Minn.: Federal Reserve Bank of Minneapolis.
117. McKenzie, D., and C. Woodruff (2003) 'Do Entry Costs Provide an Empirical Basis for Poverty Traps? Evidence from Mexican Microenterprises', BREAD Working Paper No. 020. Boston, Mass.: Bureau for Research and Economic Analysis of Development.
118. Madeira, G. A., and R. M. Townsend (2008) 'Endogenous Groups and Dynamic Selection in Mechanism Design', Journal of Economic Theory, 142: 259-93.
119. Maksimovic, V., A. Demirgüç-Kunt, and T. Beck (2002) 'Financial and Legal Constraints to Firm Growth: Does Size Matter?', IMF Policy Research Working Paper No. WPS 2784. Washington, DC: IMF.
120. Mallikamas, R. P., Y. Thaicharoen, and D. Rodpengsangkaha (2003) 'Investment Cycles, Economic Recovery and Monetary Policy'. Paper presented at Bank of Thailand Symposium 2003, Bank of Thailand, Bangkok, Aug. 2003.
121. Matsuyama, K. (2001) 'On the Rise and Fall of Class Societies', CIRJE-F-173, Tokyo: CIRJE, Faculty of Economics, University of Tokyo.
122. Mookherjee, D., A. Banerjee, and R. Benabou (eds) (2006) Understanding Poverty. New York: Oxford University Press.
123. National Account Division (1999) '1999 Thailand per Capita Gross Provincial Product (GPP)'. Bangkok: Office of the Thai National Economic and Social Development Board.
124. National Statistical Office (2000) 'Preliminary Report: The 2000 Population and Housing Census', Office of the Prime Minister of Thailand, Bangkok. #http://web.nso.go.th/eng/en/pop2000/prelim_e.htm#.
125. National Statistical Office (2003) 'Thailand Development Report Indicators 2003'. Bangkok: Statistical Office Report.
126. National Statistical Office (2007) 'The 1960-2000 Population and Housing Census'. Bangkok: National Statistical Office of Thailand. #http://web.nso.go.th/census/poph/prelim_e.htm#.
127. Okuda, H., and F. Mieno (1999) 'What Happened to Thai Commercial Banks in the Pre-Asian Crisis Period: Microeconomic Analysis of the Thai Banking Industry', Hitotsubashi Journal of Economics, 40: 97-121.
128. Orozco, M., and R. Fedewa (2006) 'Leveraging Efforts on Remittances and Financial Intermediation'.Working Paper 24, Inter-American Development Bank, Washington, DC.
129. Paulson, A. L., and R. M. Townsend (2004) 'Entrepreneurship and Financial Constraints in Thailand', Journal of Corporate Finance, 10: 229-62.
130. Paulson, A. L., and R. M. Townsend (2005) 'Financial Constraints and Entrepreneurship: Evidence from the Thai Financial Crisis', Federal Reserve Bank of Chicago Economic Perspectives, 29: 34-48.
131. Paulson, A. L., and R. M. Townsend and A. Karaivanov (2006) 'Distinguishing Limited Liability from Moral Hazard in a Model of Entrepreneurship', Journal of Political Economy,114: 100-44.
132. Paxson, C. H. (1992) 'Using Weather Variability to Estimate the Response of Savings to Transitory Income in Thailand', American Economic Review, 82: 15-33.
133. Phelan, C., and R. M. Townsend (1991) 'Computing Multi-period, Informationconstrained Optima', Review of Economic Studies, 58: 853-81.
134. Piketty, T. (1997) 'The Dynamics of the Wealth Distribution and the Interest Rate with Credit Rationing', Review of Economic Studies, 64: 173-89.
135. Pitts, J. W. (2002) 'Inequality is No Myth', Foreign Affairs, 81: 178-83.
136. Prasad, E., K. Rogoff, Shang-Jin Wei, and M. Ayhan Kose (2003) 'Effects of Financial Globalization on Developing Countries: Some Empirical Evidence'. IMF Occasional Paper No. 220. Washington, DC: IMF.
137. Prescott, E. S. (1999) 'A Primer on Moral-hazard Models', Federal Reserve Bank of Richmond Economic Quarterly, 85: 47-78.
138. Prescott, E. S. and R. M. Townsend (2002) 'Collective Organizations versus Relative Performance Contracts: Inequality, Risk Sharing, and Moral Hazard', Journal of Economic Theory, 103: 282-310.
139. Prescott, E. S. and R. M. Townsend (2006) 'Firms as Clubs in Walrasian Markets with Private Information', Journal of Political Economy, 114: 644-71.
140. Quah, D. (1993) 'Empirical Cross-section Dynamics in Economic Growth', European Economic Review, 37: 426-34.
141. Radelet, S., and J. D. Sachs (1998) 'The Onset of the East Asian Financial Crisis'. National Bureau of Economic Research Working Paper No.W6680. Cambridge.
142. Rajan, R. G., and L. Zingales (1998) 'Financial Dependence and Growth', American Economic Review, 88: 559-86.
143. Research Institute for Development and Finance (2001) 'Issues of Sustainable Development in Asian Countries: Focused on SMIs in Thailand'. Japan Bank for International Cooperation Research Paper No. 8-1. Tokyo: JBIC.
144. Rodrik, D. (1999) 'Determinants of Economic Growth'. Washington, DC: Overseas Development Council.
145. Rosenzweig, M. R., and K. I. Wolpin (2000) 'Natural "Natural Experiments" in Economics', Journal of Economic Literature, 38: 827-74.
146. Rubin, D. B. (1974) 'Estimating Causal Effects of Treatments in Randomized and Non-randomized Studies', Journal of Educational Psychology, 66: 688-701.
147. Samphantharak, K. (2002) 'Internal Capital Markets in Business Groups'. University of Chicago PhD thesis.
148. Samphantharak, K. and R. M. Townsend (2009) Households as Corporate Firms: An Analysis of Household Finance Using Integrated Household Surveys and Corporate Financial Accounting. Econometric Society Monographs. Cambridge: Cambridge University Press.
149. Schulhofer-Wohl, S. (2004) 'Testing for Credit Constraints in Entrepreneurship'. University of Chicago. manuscript. #http://economics.uchicago.edu/download/ssw_applications_20050207.pdf#.
150. Schulhofer-Wohl, S. (2007) 'Heterogeneity, Risk Sharing and the Welfare Costs of Risk'. University of Chicago PhD thesis.
151. Seiler, E., and R. M. Townsend (1998a) 'Assets in Semi-urban and Rural Thailand'. University of Chicago. manuscript.
152. Seiler, E., and R. M. Townsend (1998b) 'Saving in Rural Thailand'. Chicago: University of Chicago. mimeo.
153. Shapiro, E., and W. J. Baumol (1970) Macroeconomic Analysis. 2nd edn. New York: Harcourt, Brace and World.
154. Shapiro, E., and S. Balbirer (1999) Modern Corporate Finance: A Multidisciplinary Approach to Value Creation. Englewood Cliffs, NJ: Prentice Hall.
155. Smith, A. (1776) An Inquiry into the Nature and Causes of the Wealth of Nations. London: W. Strahan and T. Cadell.
156. Stiglitz, J. E. (1990) 'Peer Monitoring and Credit Markets', World Bank Economic Review, 4: 351-66.
157. Suehiro, A. (1989) Capital Accumulation in Thailand, 1855-1985. Bangkok: Silkworm Books.
158. Suehiro, A. (1999) 'The Road to Economic Re-entry: Japan's Policy toward Southeast Asian Development in the 1950s and 1960s', Social Science Japan Journal, 2: 85-105.
159. Suri, T. (2005) 'Spillovers in Village Consumption: Testing the Extent of Partial Insurance'. New Haven, Conn.: Yale University. mimeo.
160. Tambunlertchai, S., and C. Loohawenchit (1988) Rural Industries in Thailand. Bangkok.
161. Tambunlertchai, S. (2004) 'The Government's Helping Hand: A Study of Thailand's Agricultural Debt Moratorium'. Harvard University Senior Honors thesis.
162. Thaicharoen, Y., K. Ariyapruchya, and T. Chucherd (2004), 'Rising Thai Household Debt: Assessing Risks and Policy Implications', Bank of Thailand Symposium 2004, 6-7 Sept. 2004, Bangkok.
163. Tinakorn, P., and C. Sussangkarn (1998) 'Total Factor Productivity Growth in Thailand: 1980-1995', Thailand Development Research Institute research report submitted to the National Economic and Social Development Board. Bangkok: TDRI.
164. Townsend Project, Thailand Database Research Archive (1997-2005) Monthly Surveys and Annual Resurveys. #http://cier.uchicago.edu/townsend_thai/townsendproj.htm#.
165. Townsend Thai Socio-economic Survey (1957-2000), National Opinion Research Center, University of Chicago. #http://cier.uchicago.edu/reldata/ses/ses.htm#.
166. Townsend, R. M. (1978) 'Intermediation with Costly Bilateral Exchange', Review of Economic Studies, 45: 417-25.
167. Townsend, R. M. (1994) 'Risk and Insurance in Village India', Econometrica, 62: 539-91.
168. Townsend, R. M. (1995a) 'Consumption Insurance: An Evaluation of Risk-bearing Systems in Low-income Economies', Journal of Economic Perspectives, 9: 83-102.
169. Townsend, R. M. (1995b) 'Financial Systems in Northern Thai Villages', Quarterly Journal of Economics, 110: 1011-46.
170. Townsend, R. M. and K. Ueda (2006) 'Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation', Review of Economic Studies, 73: 251-93.
171. Townsend, R. M. and K. Ueda (2008) 'Welfare Gains from Financial Liberalization'. Working Paper. #http://cier.uchicago.edu/papers/Ueda/Welfare.pdf#.
172. Townsend, R. M. and J. I. Vickery (2004) 'Commodity Price Shocks, Consumption and Risk Sharing in Rural Thailand'. In J. I. Vickery, 'Essays in Banking and Risk-Management'. Massachusetts Institute of Technology PhD thesis: 121-8.
173. Townsend, R. M. and J. Yaron (2001) 'The Credit Risk Contingency System of an Asian Development Bank', Federal Reserve Bank of Chicago Economic Perspectives, 25: 31-48.
174. United Nations Development Programme (2003) 'Thailand Human Development Report 2003'. #http://hdr.undp.org/en/reports/nationalreports/asiathepacific/thailand/thailand_2003_en.pdf#.
175. Urzua, S. S. (2004) 'Poverty and Inequality: A Review'. University of Chicago. manuscript.
176. Urzua, S. S. and R. M. Townsend (2006) 'Occupational Choice with Financial Intermediation: Linking Mechanism Design with Heterogeneity to Econometric Policy Evaluation'. University of Chicago. manuscript.
177. US Department of Commerce and Bureau of Economic Analysis (1985) 'An Introduction to National Economic Accounting'. Methodology Paper Series MP-1, Washington, DC. Bureau of Economic Analysis.
178. Vanitcharearnthum, V. (1986-1996) 'Recent Development in Poverty, Risk-Sharing and Social Safety Nets in Thailand'. Working Paper. Bangkok: Thammasat University Community Development Department data set, Rural Development Committee, Thai Ministry of the Interior.
179. Vickery, J. I. (2004) 'Essays in Banking and Risk Management'. Massachusetts Institute of Technology PhD thesis.
180. Vuong, Quang H. (1989) 'Likelihood Ratio Tests for Model Selection and Nonnested Hypotheses', Econometrica, 57: 307-33.
181. Wilson, R. (1968) 'The Theory of Syndicates', Econometrica, 36: 119-32.
182. Yang, L. (2002) 'The Dynamics of Provincial Income Distribution in Thailand'. Working Paper. University of Chicago.
183. Yang, L. (2004) 'Unequal Provinces but Equal Families? An Analysis of Inequality and Migration'. In L. Yang, 'Thailand in Essays on the Determinants and Consequences of Internal Migration'. University of Chicago Department of Economics thesis.
184. Yaron, J., M. P. Benjamin, and G. Piprek (1997) 'Rural Finance: Issues, Design and Best Practices'. Environmentally and Socially Sustainable Development Studies and Monographs Series 14. Washington, DC: World Bank.
185. Young, A. (1995) 'The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience', Quarterly Journal of Economics, 110: 641-80.
186. Zeldes, S. (1989) 'Consumption and Liquidity Constraints: An Empirical Investigation', Journal of Political Economy, 97: 305-46.