NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions

Benjamin Moll, Robert M. Townsend, Victor Zhorin

NBER Working Paper No. 19618
Issued in November 2013

---- Acknowledgements ----

We thank Fernando Aragon, Paco Buera, Hal Cole, Matthias Doepke, Mike Golosov, Cynthia Kinnan, Tommaso Porzio, Yuliy Sannikov, Martin Schneider, Yongs Shin, Ivan Werning and seminar participants at the St Louis Fed, Wisconsin, Northwestern and the Philadelphia Fed for very useful comments. Hoai-Luu Nguyen and Hong Ru provided outstanding research assistance. For sharing their code, we are grateful to Paco Buera and Yongs Shin. Townsend gratefully acknowledges research support from the Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD) (grant number R01 HD027638), the research initiative `Private Enterprise Development in Low-Income Countries' [(PEDL), a programme funded jointly by the Centre for Economic Policy Research (CEPR) and the Department for International Development (DFID), contract reference MRG002 1255], the John Templeton Foundation (grant number 12470), and the Consortium on Financial Systems and Poverty at the University of Chicago (funded by Bill & Melinda Gates Foundation under grant number 51935)." The views expressed are not necessarily those of CEPR or DFID. This work was completed in part with resources provided by the University of Chicago Research Computing Center. Previous versions of this paper were circulated under the titles "Finance and Development: Limited Commitment vs. Moral Hazard" and "Financial Obstacles and Inter-Regional Flow of Funds." The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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