This paper contributes to one strand of a general equilibrium, incomplete markets literature which attempts to explain the relationship between transitional growth and changing inequality. We begin with a stylized but explicit version of the micro economy with potentially severe credit market imperfections, and estimate key parameters for this model with two distinct microeconomic data sets from Thailand, one a well known socioeconomic household survey (SES) and the other gathered under a project directed by one of the authors. We end with a macroeconomic model of growth with financial deeping and changing inequality. The contribution of the paper is to bring these two pieces together in such as way as to evaluate financial sector policies, delivering specific quantitative estimates of the distribution of welfare gains and losses in the population to financial sector liberalization. More generally, the paper contributes to an emerging literature on general equilibrium policy evaluation, as in Heckman, Lochner and Taber (1998).