Local Financial Development and Household Welfare in Vietnam: Evidence from a Panel Survey
利用越南三省份2007-2013年家庭面板数据，研究地方金融发展对家庭年收入、消费及消费平滑的正向影响，并采用异方差识别法处理内生性问题。
We examine the impact of local financial development on household welfare in Vietnam. We employ household-level panel data for the periods 2007, 2008, 2010 and 2013 covering three provinces and measure local financial development at the district, sub-district and village levels. To account for potential endogeneity that could emanate from the fact that local economic development could spur local financial development, we employ a recently suggested method of identification through heteroscedasticity. Our results show that local financial development has a significantly positive effect on household annual income, consumption and consumption smoothing.