Village Economic Accounts: Real and Financial Intertwined
利用泰国家庭调查数据构建村庄经济与国际收支账户，研究村庄作为小型开放经济体的实体与金融变量关系，发现村内风险分担优于村间，且村庄间资本市场高度一体化。
We propose a framework to create village economic and balance of payments accounts from a micro-level household survey. Using the Townsend Thai data, we create the accounts for villages in rural and semi-urban areas of Thailand. We then study these village economies as small open countries, exploring in particular the relationship between the real and financial variables. We examine cross-village risk-sharing and the Feldstein-Horioka puzzle. Our results suggest that within-village risk-sharing is better than across-village and, while there is smoothing in both, the mechanisms are different. We also find that, unlike countries, the cross-village capital markets are highly integrated.