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NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Victor Zhorin

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November 2013Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions
with Benjamin Moll, Robert M. Townsend: w19618
We use a variety of different data sets 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. Predictions for micro variables not used directly provide a model validation. Finally we estimate the impact of a policy counterfactual, regional isolationism.

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