NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Obstacles and Inter-Regional Flow of Funds

Benjamin Moll, Robert M. Townsend, Victor Zhorin

NBER Working Paper No. 19618
Issued in November 2013

---- Acknowledgements -----

We thank Fernando Aragon, Paco Buera, Matthias Doepke, Mike Golosov, Cynthia Kinnan, Tommaso Porzio, Yuliy Sannikov, Yongs Shin, Ivan Werning and seminar participants at the St Louis Fed, Wisconsin, and Northwestern 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 acknowledges support from the Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD) and the Consortium on Financial Systems and Poverty at the University of Chicago through a grant from the Bill & Melinda Gates Foundation. 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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