Does the Village Fund Matter in Thailand?
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This paper evaluates the impact of the
Thailand Village and Urban Revolving Fund on household
expenditure, income, and assets. The revolving fund was
launched in 2001 when the Government of Thailand promised to
provide a million baht (about $22,500) to every village and
urban community in Thailand as working capital for
locally-run rotating credit associations. The money about
$2 billion in total was quickly disbursed to locally-run
committees in almost all of Thailand s 74,000 villages and
more than 4,500 urban (including military) communities. By
May 2005, the committees had lent a total of about $8
billion, with an average loan of $466. Using data from the
Thailand Socioeconomic Surveys of 2002 and 2004, each of
which surveys almost 35,000 households, the authors find
that the borrowers were disproportionately poor and
agricultural. A propensity score matching model finds that
Fund borrowing in 2004 was associated with, on average, 1.9
percent more income, 3.3 percent more expenditure, and about
5 percent more ownership of durable goods. These results are
broadly consistent with the results from instrumental
variables models (where the identifying instrument was the
inverse of village size), which however show a smaller
(marginal) effect. Households that borrowed both from the
revolving fund and from the Bank of Agriculture and
Agricultural Cooperatives gained substantially more in terms
of higher income than those who borrowed from either one or
the other or from neither.
Palabras clave
ACCESS TO CREDIT, AGRICULTURAL ACTIVITIES, AGRICULTURAL COOPERATIVES, AGRICULTURAL INPUTS, AGRICULTURAL LAND, AGRICULTURE, ALLOCATION OF CREDIT, ANNUAL INCOME, ANNUAL INTEREST RATE, ANNUAL INTEREST RATES, ANTI-POVERTY, ASSET ACCUMULATION, ASYMMETRIC INFORMATION, AVERAGE EXCHANGE RATE, BANKS, BINDING CONSTRAINT, BORROWER, BORROWING, BORROWING COSTS, CHECKS, CONSUMER, CONSUMER CREDIT, CONSUMER DURABLES, CONSUMER EXPENDITURE, CORRUPTION, COST-EFFECTIVENESS, CREDIBILITY, CREDIT ASSOCIATIONS, CREDIT MARKET, CREDIT MARKETS, CREDIT SCHEMES, CURRENT INCOME, DEBT, DEPOSITS, DEVELOPMENT BANK, DEVELOPMENT ECONOMICS, DIMINISHING RETURNS, DUMMY VARIABLE, DUMMY VARIABLES, DURABLE, DURABLE ASSETS, DURABLE GOODS, DURABLES, EARNINGS, ECONOMIC SITUATION, ECONOMIC SURVEYS, EDUCATIONAL LEVEL, EMPLOYEE, EQUATIONS, EQUIPMENT, EXCHANGE RATE, EXPECTED VALUE, EXPENDITURE, EXPENDITURES, FAMILIES, FARM ENTERPRISE, FARM ENTERPRISES, FARM HOUSEHOLDS, FARM INCOME, FARMER, FARMERS, FARMING COMMUNITIES, FEMALE BORROWERS, FEMALE-HEADED HOUSEHOLDS, FINANCIAL ASSETS, FINANCIAL INTERMEDIATION, FINANCIAL MARKETS, FINANCIAL SYSTEMS, FUNGIBLE, GENDER, GOVERNMENT SAVINGS, GUARANTORS, HEAD OF HOUSEHOLD, HOLDING, HOUSEHOLD CONSUMPTION, HOUSEHOLD EXPENDITURE, HOUSEHOLD FIXED EFFECTS, HOUSEHOLD HEAD, HOUSEHOLD INCOME, HOUSEHOLD INCOMES, HOUSEHOLD SPENDING, HOUSEHOLD SURVEY, HOUSEHOLD WELFARE, HOUSEHOLDS, INCOME EFFECT, INCREASE IN INCOME, INEQUALITY, INFORMATIONAL ASYMMETRIES, INSTRUMENT, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, LENDERS, LOAN, LOAN APPLICATIONS, LOAN DEFAULT, LOAN SIZE, LOANABLE FUNDS, LOWER INTEREST RATE, MANAGERIAL EFFICIENCY, MAXIMUM LOAN AMOUNTS, MEDICAL CARE, MICRO-LENDING, MICROCREDIT, MICROFINANCE, MINIMUM BALANCE, MONOPOLY, MONTHLY INCOME, NET ASSETS, OUTSIDE LENDERS, OUTSTANDING DEBT, PER CAPITA INCOME, PHYSICAL ASSETS, POOR, POOR HOUSEHOLDS, POVERTY PROGRAMS, PROBABILITY, PRODUCTIVITY, PURCHASES, QUESTIONNAIRE, RATE OF INTEREST, RATE OF RETURN, REGIONAL DUMMIES, REPAYMENT, REPAYMENT OF PRINCIPAL, REPAYMENT PERIODS, REPAYMENTS, RESEARCH ASSISTANCE, RETURNS, REVOLVING FUND, ROTATING CREDIT, RURAL, RURAL AREAS, RURAL BANKS, RURAL BORROWERS, RURAL ECONOMY, RURAL FEMALE, RURAL FINANCE, RURAL FINANCE INSTITUTION, RURAL FINANCE INSTITUTIONS, RURAL FINANCIAL INSTITUTIONS, RURAL HOUSEHOLDS, RURAL PROVINCES, SAVINGS, SAVINGS BANK, SAVINGS DEPOSITS, SOURCE OF CREDIT, SOURCES OF CREDIT, SOURCES OF INCOME, STATE UNIVERSITY, TERMS OF LOANS, URBAN AREAS, URBAN DEVELOPMENT, VALUABLE, VILLAGE, VILLAGE BANK, VILLAGE ECONOMIES, VILLAGE FUND, VILLAGE FUNDS, VILLAGES, WAGE, WORKING CAPITAL, WORTH