Kinship and Financial Networks, Formal Financial Access, and Risk Reduction
研究泰国家庭如何通过亲属网络和银行渠道平滑消费与投资，发现间接亲属借贷与直接银行借贷同样有效，而亲属关系能降低投资对收入的敏感性，可能充当“隐性抵押品”。
Kinship networks are beneficial for smoothing consumption and investment, but the channels are not well understood. We study the financing devices used for consumption and investment by Thai households. Households that are connected to banks achieve significantly better consumption smoothing than unconnected households; indirect connections via inter-household borrowing are as effective as direct borrowing. Investment appears to be facilitated by kinship: households with kin in the village display reduced sensitivity of investment to income, while connections to banks do not significantly reduce sensitivity. Kin may act as “implicit collateral,” permitting borrowing that would violate repayment constraints in its absence.