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Public Debt and Economic Policy During the Economic Crisis

Author

Listed:
  • Sethaput Suthiwart-Narueput

    (Ministry of Finance)

  • Varan Pradittatsanee

    (Ministry of Finance)

Abstract

Public debt in Thailand increased substantially between 1997 and 1999, leading to widespread concerns about its near and longer-term impact. This paper discusses the increase in public debt during the crisis and assesses its impact on various monetary and fiscal policy aggregates. Of particular concern is whether the increase in public debt has led or is likely to lead to crowding out of private investment or other types of public expenditure. This paper argues that whether or not this occurs depends not only upon the level of public debt per se, but crucially upon the monetary and fiscal stance adopted as well as the uses of public debt.

Suggested Citation

  • Sethaput Suthiwart-Narueput & Varan Pradittatsanee, 2000. "Public Debt and Economic Policy During the Economic Crisis," Working Papers 2000-02, Monetary Policy Group, Bank of Thailand.
    • Handle: RePEc:bth:wpaper:2000-02
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