Household Coping and Response to Government Stimulus in an Economic Crisis : Evidence from Thailand

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dc.creatorHaughton, Jonathan
dc.creatorKhandker, Shahidur R.
dc.creatorJitsuchon, Somchai
dc.creatorKoolwal, Gayatri B.
dc.date2014-08-29T17:53:22Z
dc.date2014-08-29T17:53:22Z
dc.date2012-03
dc.date.accessioned2026-07-01T01:01:42Z
dc.descriptionThe crash of global financial markets in 2008 caused a ripple effect on economic demand and growth worldwide. Export-oriented economies were hit particularly hard, and many governments stepped in quickly with broad-ranging stimulus programs to lessen the effects on households of rising unemployment and falling income. To better understand the role that stimulus policy might play in softening the effects of these shocks, this paper examines recent nationally-representative data from Thailand, an export-dependent economy where a large-scale stimulus program was introduced in 2009. Using monthly data spanning 2006-2010, the paper uses sub-province-level community panel data to examine the effects of major components of the stimulus on household consumption, income, borrowing, and debt repaid. To address simultaneity of changes in government spending and household outcomes, the analysis estimates a dynamic panel regression, instrumenting the stimulus effect with second-order lagged outcome variables, and estimating the model using the Generalized Method of Moments. The results suggest that household participation in these programs helped smooth consumption. This increase in monthly consumption was not supported from household receipts from the government stimulus, but more likely through a reallocation of consumption and savings that included greater debt repayment. The paper typically finds stronger effects in urban compared with rural areas.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2012/03/15981093/household-coping-response-government-stimulus-economic-crisis-evidence-thailand
dc.identifierhttps://hdl.handle.net/10986/19865
dc.identifierhttps://doi.org/10.1596/1813-9450-6016
dc.identifier.urihttp://hdl.handle.net/123456789/414402
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper;No. 6016
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectAGRICULTURE
dc.subjectALLOCATION
dc.subjectALLOWANCES
dc.subjectALTERNATIVE ENERGY
dc.subjectBALANCE SHEET
dc.subjectBANK LENDING
dc.subjectBENEFICIARY
dc.subjectBOND
dc.subjectBORROWING COSTS
dc.subjectCHECKS
dc.subjectCHRONIC ILLNESS
dc.subjectCLIMATE
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITIES
dc.subjectCOMMODITY
dc.subjectCOMMODITY PRICES
dc.subjectCONSUMER PRICE
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONSUMER SPENDING
dc.subjectCONSUMERS
dc.subjectCONSUMPTION EXPENDITURE
dc.subjectCONSUMPTION EXPENDITURES
dc.subjectCONSUMPTION INSURANCE
dc.subjectCONSUMPTION SMOOTHING
dc.subjectCONSUMPTION VOLATILITY
dc.subjectCOUNTERFACTUAL
dc.subjectCREDIT GUARANTEES
dc.subjectCURRENCY
dc.subjectCURRENCY DEVALUATION
dc.subjectDATA AVAILABILITY
dc.subjectDEBT
dc.subjectDEBT REPAYMENT
dc.subjectDEBTS
dc.subjectDEMOGRAPHIC
dc.subjectDEVALUATION
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT POLICY
dc.subjectDISTRIBUTIONAL IMPACTS
dc.subjectDOMESTIC PRICES
dc.subjectECONOMETRICS
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC CRISIS
dc.subjectECONOMIC DEMAND
dc.subjectECONOMIC DOWNTURN
dc.subjectECONOMIC HISTORY
dc.subjectECONOMIC SECTORS
dc.subjectECONOMIC SHOCKS
dc.subjectECONOMIC SURVEYS
dc.subjectENDOGENOUS VARIABLES
dc.subjectENERGY-INTENSIVE GOODS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURE
dc.subjectEXPORT MARKET
dc.subjectEXPORT SECTOR
dc.subjectEXPORTS
dc.subjectEXPOSURE
dc.subjectFARM HOUSEHOLDS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL POLICY
dc.subjectFLOW OF CREDIT
dc.subjectFOOD PRICES
dc.subjectFUEL PRICES
dc.subjectGDP
dc.subjectGLOBAL FINANCIAL MARKETS
dc.subjectGLOBAL MARKETS
dc.subjectGOVERNMENT DEFICITS
dc.subjectGOVERNMENT FUNDS
dc.subjectGOVERNMENT INTERVENTIONS
dc.subjectGOVERNMENT POLICIES
dc.subjectGOVERNMENT POLICY
dc.subjectGOVERNMENT SPENDING
dc.subjectGOVERNMENT SUBSIDIES
dc.subjectGOVERNMENT SUPPORT
dc.subjectHEALTH PROGRAMS
dc.subjectHOUSEHOLD CONSUMPTION
dc.subjectHOUSEHOLD HEAD
dc.subjectHOUSEHOLD INCOME
dc.subjectHOUSEHOLD PARTICIPATION
dc.subjectHOUSEHOLD WELFARE
dc.subjectIDIOSYNCRATIC SHOCKS
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINCOME FLUCTUATIONS
dc.subjectINCOME SHOCKS
dc.subjectINCOME TAX
dc.subjectINCOME VARIABILITY
dc.subjectINCOME VOLATILITY
dc.subjectINCREASE IN CONSUMPTION
dc.subjectINFLATION
dc.subjectINFLATIONARY PRESSURES
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectJOB CREATION
dc.subjectJOBS
dc.subjectLABOR MARKETS
dc.subjectLABOR SUPPLY
dc.subjectLOAN
dc.subjectLOAN REPAYMENT
dc.subjectLOAN REPAYMENT RATE
dc.subjectLOCAL ECONOMY
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMARKET CONDITIONS
dc.subjectMICROCREDIT
dc.subjectMIDDLE-INCOME COUNTRIES
dc.subjectMONETARY ECONOMICS
dc.subjectMONETARY POLICY
dc.subjectMONETARY TERMS
dc.subjectMULTIPLIER EFFECTS
dc.subjectNATIONAL ACCOUNTS
dc.subjectNET EXPORTS
dc.subjectOIL PRICE
dc.subjectOIL PRICES
dc.subjectOPEN ECONOMY
dc.subjectOUTSTANDING LOANS
dc.subjectPENSION
dc.subjectPER CAPITA CONSUMPTION
dc.subjectPER CAPITA INCOME
dc.subjectPOLICY RESPONSE
dc.subjectPOLICY RESPONSES
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL UNCERTAINTY
dc.subjectPOOR
dc.subjectPOOR COUNTRIES
dc.subjectPOOR FARMERS
dc.subjectPOOR HOUSEHOLDS
dc.subjectPOVERTY LINE
dc.subjectPRICE FLUCTUATIONS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC ECONOMICS
dc.subjectREAL EXCHANGE RATE
dc.subjectRURAL
dc.subjectRURAL AREAS
dc.subjectRURAL DEVELOPMENT
dc.subjectRURAL HEALTH
dc.subjectRURAL HOUSEHOLDS
dc.subjectRURAL PARTICIPATION
dc.subjectRURAL POOR
dc.subjectSAFETY NET
dc.subjectSAFETY NET MEASURES
dc.subjectSAFETY NET PROGRAMS
dc.subjectSAVINGS
dc.subjectSMALL ENTERPRISES
dc.subjectSMOOTHING CONSUMPTION
dc.subjectSOCIAL ASSISTANCE
dc.subjectSOCIAL SECURITY
dc.subjectSTATE ENTERPRISE
dc.subjectTARGETING
dc.subjectTAX
dc.subjectTAX BENEFITS
dc.subjectTAX RATE
dc.subjectTRADE FINANCE
dc.subjectTRANSFER PROGRAMS
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATE
dc.subjectUNEMPLOYMENT RATES
dc.subjectVILLAGE FUND
dc.subjectVOLATILITY
dc.titleHousehold Coping and Response to Government Stimulus in an Economic Crisis : Evidence from Thailand

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