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Call for Papers: PIER Research Workshop 2025
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Discussion Paperdp
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Year
2025
2024
2023
2022
...
30 December 2022
20221672358400000
No. 195

Do Agricultural Debt Moratoriums Help or Hurt? The Heterogenous Impacts on Rural Households in Thailand

Abstract

Majority of Thai agricultural households have been at risk of trapping in persistent debt problems, which could in turn impede their development prospects. Over the past decade, debt moratoriums have been one of the most extensive policies aiming to help Thai agricultural households – resulting in 41.4% of households being in debt moratoriums for more than 4 years. This paper estimates the impacts of agricultural debt moratoriums on households’ debt, saving and agricultural investment dynamics using a unique panel data of 1 million representative households nationwide. We found that while the debt moratoriums could decrease delinquency propensity for the other loans that do not enroll, they significantly resulted in higher debt accumulation, especially among those with medium debt and those with higher participation intensity. The moratoriums had no significant impact on saving, while could increase agricultural investment for certain groups of borrowers. The findings imply that design of Thailand’s popular debt moratoriums should be revisited, especially they should be more targeted and limited to short-term relief.

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JEL: G28G51Q12Q14O16
Tags: farmer debthousehold debtdebt moratoriumdebt reliefdebt accumulationagriculturethailand
The views expressed in this workshop do not necessarily reflect the views of the Puey Ungphakorn Institute for Economic Research or the Bank of Thailand.
Lathaporn Ratanavararak
Lathaporn Ratanavararak
Puey Ungphakorn Institute for Economic Research
Sommarat Chantarat
Sommarat Chantarat
Puey Ungphakorn Institute for Economic Research

Puey Ungphakorn Institute for Economic Research

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Phone: 0-2283-6066

Email: pier@bot.or.th

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