For several years, starting in about 2004, the Thailand Village Fund was, by any standard, the largest single microcredit scheme in the world. It was put in place very quickly, and to this day it remains the single most important source of credit for poor Thai household (Boonperm, Haughton, Khandker, & Rukumnuaykit, 2012). Given its size, it is important to ask whether the Village Fund has had a measurable impact on spending and income