อาคาร 2 ชั้น 9 ธปท.
The Impact of Regional Isolationism: Disentangling Real and Financial Factors
Recently, there is a pressure for isolation policies both within the United States and among the EU members. The pressure arises due not only to the difference between regions in the U.S. and/or countries in the EU, but also to the difference across their population which affect the gains and losses from economic integration, both real as from trade in a common market and financial as in a monetary financial union. To get a better understanding of this pressure, one would need a model of trade and capital flows that takes into account the difference between individuals in a region and differences across regions. There is also a need for detail data at the individual and aggregated level, which often are not available. In this paper, we use unique long-panel data of households in Thailand, and from these data, we construct the household financial accounts, the village economic accounts, and the village balance of payments account. We also provide stylized facts on factor prices, factor intensities, financial obstacles, and village openness document differences across regions. Finally at the national level it is clear there is co-mingled variation in trade via devaluations and in finance via policies toward off shore bank and within-country financial infrastructure.
We develop a heterogeneous-agent/occupational-choices/trade model with financial frictions carefully built up and calibrated around micro and regional facts, that is, at both the individual level and the aggregate level. Then, we conduct two counterfactual policy experiments. In the first counterfactual experiment, we distinguish the effects of trade from the effects of capital flows. More specifically, we determine what would happen if we allow the prices of goods to change as in baseline scenario while keep borrowing limits and interest rates constant, and vice versa. In the second counterfactual experiment, we determine the effect of isolation policies that impede trade and/or capital flows across regions. We find through these counterfactual experiments that both real and financial factors are at play, that there are differences across regions in impact even when (policy) movements in variables such as interest rates and relative prices, which are exogenous to the regions, are common; impacts can be large, and vary with policy; and impacts are significant heterogeneous with both gains and losses and non-monotone movement across wealth classes and occupations, even allowing for occupation shifts which apriori might have mitigated impact.
Alternative Boomerang Kids, Intergenerational Co-residence, and Maternal Labor Supply
This study investigates the boomerang phenomenon among adult children in Thailand. We estimate the effect of having children on co-residence between parents and adult children using Socio-Economic Survey panel data. We find that adult children who have moved out tend to move back in with their parents after having children to save time and money on childcare. The presence of young children increases the likelihood of intergenerational co-residence by over 30%. This study is the first to provide empirical evidence of boomerang kids in an Asian context, which is distinctive compared with Western countries. The relationship between intergenerational co-residence and the maternal labor supply is also examined using the instrumental variable approach based on the cross-sectional Labor Force Survey, which has data covering over 30 years. Our results show that co-residence increases the female labor supply by 21% and also extends women’s working hours by 10 hours.
Estimating Demand for Long-term Care Insurance in Thailand: Evidence from a Discrete Choice Experiment
At present, the Thai public health insurance schemes cover medical care. However, the financial risk associated with long-term care needs is unprotected. The increasing likelihood of Thai elderly living longer and living alone has raised great concern about their quality of life. In the wake of the declining informal support capacity, a public long-term care insurance (LTCI) system has been considered as a potential alternative. Because the public will have to contribute to the LTCI fund, this paper explores whether the Thai people are willing to pay for such a provision. The LTCI demand is estimated based on the stated preference survey data. Our results show that most respondents are willing to pay to insure against their risk associated with long-term care expenditure, but their preferences are very heterogeneous. Gains and losses for different policy scenarios, measured by consumer surplus, are discussed.
The Movement and Change in Online Price Within and Across Selected Major Retail Stores in Thailand
E-commerce has gained larger market shares in Thailand over the last decade. Yet there is a paucity of studies on online price behaviour and movement. This project is one of the first attempts to explore this topic in the Thai context. Using web scraping technique to acquire the data on price and product information from major retailers that have both physical and online outlets, this paper summarizes its findings into six stylized facts. In short, online price changes more frequent than its offline counterpart, yet the magnitudes of changes are generally much larger. Further, price heterogeneity exists across stores and product categories. However, pricing strategies of the same store seems to differ between its online and offline outlets.
Foreign Exchange Order Flows and the Thai Exchange Rate Dynamics
Applying the microstructure approach to exchange rates, this paper aims to shed light on the price formation process in the Thai foreign exchange market using a unique supervisory dataset of daily foreign exchange transactions from all licensed dealers in Thailand. We examine the main drivers of different types of order flows and the effect of resident and non-resident customer order flows on the Thai exchange rate. The results suggest that non-resident order flows have an important influence on movements in the Thai baht, while resident order flows do not. Regarding investors’ trading behavior, we find that non-resident order flows are driven by both fundamentals and movements of the Thai baht. Specifically, non-resident players appear to be ‘trend-followers’ with regard to exchange rate returns, exerting buying pressure when the baht recently appreciated. In contrast, domestic players tend to behave as ‘contrarians’, by buying the Thai baht after it depreciates.
An Early Evaluation of a HighScope-Based Curriculum Intervention in Rural Thailand
This paper evaluates the early impact of an early childhood curriculum intervention on child development. Impact is measured at the end of the academic year, one year after implementation. Teachers in rural childcare centers in northeastern Thailand were encouraged to employ the new curriculum, which is based primarily on the HighScope approach. We overcome the endogenous decision of teachers to adopt the new curriculum by using the randomization of additional teachers as an instrument. We find that the new curriculum significantly improved child development in multiple dimensions, including gross motor, fine motor, expressive language, and personal and social skills. We also find evidence that exposure to the new curriculum significantly helps children with absent parents more than children with at least one parent present. The results are robust with regards to various estimation methods, child development measures, and sample selections.
Parenthood Penalty and Gender Wage Gap: Recent Evidence from Thailand
This study first examines the evolution of gender wage gap in Thailand, using cross-sectional data from the Labor Force Survey (LFS) for 1985–2017. We find that education, occupation, and industry significantly contribute to gender wage gap convergence in Thailand. Furthermore, for females, the wage gap between mothers and non-mothers has increased over time, while for males, the changes are relatively small. Thereafter, we examine the gender wage gap associated with marriage and parental status, using panel data from the Socio-Economic Survey (SES) for 2005– 2012, and find wage penalty for both motherhood and fatherhood in Thailand.