Household Risk Management in Rural and Urban Thailand

Ornsiri Rungruxsirivorn

No 27, Proceedings of the German Development Economics Conference, Göttingen 2007 from Verein für Socialpolitik, Research Committee Development Economics

Abstract: This paper examines the nature of risk faced by households in Thailand and the strategies that these households adopt to mitigate the adverse effect from income shortfalls. I use a new cross-section dataset that is based on a sample of both urban and rural households. I find that price shock is the most prevalent source of income shortfalls. I also find that the most common risk-mitigating strategy employed by households is to borrow from the Village Fund. Nonetheless, there is a high degree of heterogeneity among households, especially in terms of their sources of income and this plays a key role in determining how a household responds to shocks. Thus, it may not be advisable to design policy based on the paradigm of a representative consumer.

Date: 2007
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