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Thailand's Macroeconomic Policy after July 1997


  • Bhanupong Nidhiprabha

    (Thammasat University Faculty of Economics 2 Prachan Road Bangkok 10200 Thailand)


The Bank of Thailand could have eased its monetary policy to prevent a slowdown in 2001. An expansionary monetary policy or budget deficit financed by money creation can spur growth in Thailand during recession, provided the Thai central bank does not intervene in the foreign-exchange market. The baht-dollar exchange rate cannot be disengaged from the yen-dollar rate by central bank intervention in the long term. Monetary policy seems to be more effective than other policy alternatives during the current debt deflation episode in Thailand. Copyright (c) 2003 Center for International Development and the Massachusetts Institute of Technology.

Suggested Citation

  • Bhanupong Nidhiprabha, 2003. "Thailand's Macroeconomic Policy after July 1997," Asian Economic Papers, MIT Press, vol. 2(1), pages 158-168.
  • Handle: RePEc:tpr:asiaec:v:2:y:2003:i:1:p:158-168

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    References listed on IDEAS

    1. Jorgenson, Dale W, 1984. "The Role of Energy in Productivity Growth," American Economic Review, American Economic Association, vol. 74(2), pages 26-30, May.
    2. Kyoji Fukao & Hyeog Ug Kwon, 2006. "Why Did Japan'S Tfp Growth Slow Down In The Lost Decade? An Empirical Analysis Based On Firm-Level Data Of Manufacturing Firms," The Japanese Economic Review, Japanese Economic Association, vol. 57(2), pages 195-228.
    3. Roberto Cardarelli & Lusine Lusinyan, 2015. "U.S. Total Factor Productivity Slowdown; Evidence from the U.S. States," IMF Working Papers 15/116, International Monetary Fund.
    4. Evridiki Tsounta, 2014. "Slowdown in Emerging Markets; Sign of a Bumpy Road Ahead?," IMF Working Papers 14/205, International Monetary Fund.
    5. Masahiro Kuroda & Kazuyuki Motohashi & Kazushige Shimpo, 2007. "Investigating Productivity Slowdown in the 1990s by using the KLEM Database in Japan," Chapters,in: Productivity in Asia, chapter 2 Edward Elgar Publishing.
    6. Dale W. Jorgenson, 1984. "The Role of Energy in Productivity Growth," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 11-26.
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