Thailand's investment-driven boom and crisis
AbstractAnalyses of the Asian crisis of 1997 have focused excessively on the financial sector, especially the banks. The role of the real sector in exposing the financial system to stress has been under-emphasized. This paper provides a real-sector explanation for Thailand's crisis, demonstrating the role of the investment boom of the preceding decade. We build a full macroeconomic model of the Thai economy and use it to demonstrate that the investment boom and its changing composition generated record growth but also increased macroeconomic vulnerability. This vulnerability, combined with the trigger of an export slowdown in 1996, produced the crisis. Copyright 2003, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 55 (2003)
Issue (Month): 3 (July)
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Other versions of this item:
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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- Hesse, Heiko, 2007.
"Monetary policy, structural break and the monetary transmission mechanism in Thailand,"
Journal of Asian Economics,
Elsevier, vol. 18(4), pages 649-669, August.
- Hesse, Heiko, 2007. "Monetary policy, structural break, and the monetary transmission mechanism in Thailand," Policy Research Working Paper Series 4248, The World Bank.
- Jongwanich, Juthathip & Kohpaiboon, Archanun, 2008. "Private Investment: Trends and Determinants in Thailand," World Development, Elsevier, vol. 36(10), pages 1709-1724, October.
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