Between Economic and Political Crises:Thailand’s Contested Free Trade Agreements
Notwithstanding the unavoidable adverse impact on its export sector, Thailand weathered the Global Financial Crisis in the late 2000s better than many of its emerging-market peers, owing to structural adjustments and recovery dynamics in the aftermath of its crippling financial crisis a decade earlier. Thailand’s political crisis also dampened what otherwise would have been a more exuberant risk-taking financial sector, thereby keeping exposure to the GFC relatively minimal. Instead, the Thai growth story in the 2000s was dominated not by financial crisis but by political polarization and turmoil arising from former Prime Minister Thaksin Shinawatra’s wide range of policy innovations and adjustments that provide the basis for this paper. His government’s pace of policy formulation and implementation with the aims of structural change and economic upgrading in the Thai economy amidst globalization challenges was bold and unprecedented. This paper sets out to examine the underpinnings, dynamics and implications of Thaksin’s policy platform. Why were such adjustment and upgrading policies considered, formulated and implemented during the Thaksin years but not as much before or after? What were the roots and dynamics of this upgrading? A principal component among the host of such policy innovations and adjustments was Thaksin’s preference for bilateral free-trade agreements. Thaksin’s FTA strategy thus serves as a policy case study. It was instructive of Thailand’s global trade constraints and of Thaksin’s policy assertiveness. Ironically, it ended up providing a rationale for the coalition that deposed him. The overarching aim here is to show how the 1997-98 crisis augured well for Thaksin’s rise, his policy innovations with particular reference to FTAs, and how the subsequent global economic crisis in 2008-09 was incidental to Thailand’s political crisis surrounding Thaksin’s fall.
|Date of creation:||03 Sep 2013|
|Date of revision:|
|Contact details of provider:|| Postal: 6th-13th floors, Shinjuku Maynds Tower, 2-1-1 Yoyogi, Shibuya-ku, Tokyo 151-8558|
Web page: http://jica-ri.jica.go.jp/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tang, Hsiao Chink & Liu, Philip & Cheung, Eddie C., 2010.
"Changing Impact of Fiscal Policy on Selected ASEAN Countries,"
Working Papers on Regional Economic Integration
70, Asian Development Bank.
- Tang, Hsiao Chink & Liu, Philip & Cheung, Eddie C., 2013. "Changing impact of fiscal policy on selected ASEAN countries," Journal of Asian Economics, Elsevier, vol. 24(C), pages 103-116.
- Kanit Sangsubhan & M. Chatib Basri, 2012. "Global Financial Crisis and ASEAN : Fiscal Policy Response in the Case of T hailand and I ndonesia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 7(2), pages 248-269, December.
- Jitsuchon, Somchai & Sussangkarn, Chalongphob, 2009. "Thailand's Growth Rebalancing," ADBI Working Papers 154, Asian Development Bank Institute.
When requesting a correction, please mention this item's handle: RePEc:jic:wpaper:63. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Japan International Cooperation Agency Library)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.