Back from the Brink : Thailand's Response to the 1997 Economic Crisis
This essay reviews the traumatic
experience of Thailand's economy during 1997-1999,
describes the policy response, and draws lessons for the
future. Whereas the country's economic performance
until 1996, was exemplary within the developing world -
consistent growing, high gross domestic product rates,
exports expansion, and in-flow of foreign capital - the
financial downturn of 1997 gave way to a deep economic
recession, which diminished asset values, and threatened to
unleash large-scale unemployment. The book analyzes the
crisis, highlighting the tension, and controversy that
surrounded structural reform, and, describes the ongoing
legal, regulatory, and institutional reforms - all designed
to ensure prudent decision-making by Thai bankers, and
corporations. The book concludes with an outline of the
steps needed to complete the reform program, in a way that
will consolidate the fragile economic recovery, and allow
sustained growth. The economic history of the crisis -
highlighted in Figure 1-1 - shows the movements of selected
indicators of the economy, during this volatile period.
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Bibliographic Details
| Main Authors: |
Nabi, Ijaz,
Shivakumar, Jayasankar |
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| Language: | English
en_US |
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| Published: |
Washington, DC: World Bank
2001-06
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| Subjects: | ASSETS,
BALANCE SHEETS,
BANK OF THAILAND,
BANKING SECTOR,
BANKRUPTCY,
BORROWING,
CENTRAL BANK,
COMPETITIVENESS,
CONTAGION,
CORPORATE GOVERNANCE,
CREDIT CULTURE,
DEBT,
DEBT RESTRUCTURING,
DEBT SERVICE,
DEBT TO EQUITY RATIOS,
DEVALUATION,
ECONOMIC CONDITIONS,
ECONOMIC HISTORY,
ECONOMIC PERFORMANCE,
ECONOMIC RECOVERY,
EMPLOYMENT,
EXCHANGE RATE,
EXPORT GROWTH,
EXPORTS,
FINANCIAL CRISES,
FINANCIAL INSTITUTIONS,
FINANCIAL SECTOR,
FISCAL POLICY,
FOREIGN EXCHANGE,
GDP,
GROSS DOMESTIC PRODUCT,
GROSS NATIONAL SAVINGS,
GROWTH RATE,
HOUSING,
IMPORTS,
INCOME,
INFLATION,
INFLATION RATE,
INTEREST EXPENSE,
INTEREST RATE,
INTEREST RATES,
INTERNATIONAL BANKING,
INTERNATIONAL COMPETITION,
LABOR COSTS,
LABOR PRODUCTIVITY,
LICENSES,
LIQUIDITY,
MACROECONOMIC POLICY,
MACROECONOMIC STABILIZATION,
MARKET DISCIPLINE,
MARKET VALUE,
MERGERS,
MONETARY AUTHORITIES,
MONETARY POLICY,
MONEY SUPPLY,
MORAL HAZARD,
NET WORTH,
NONPERFORMING LOANS,
POLLUTION,
PRIVATE CONSUMPTION,
PRIVATE SECTOR,
PRODUCTION COSTS,
PRODUCTION PROCESSES,
PRODUCTIVITY,
PROVISIONS,
PUBLIC POLICY,
PUBLIC SECTOR,
PUBLIC SPENDING,
REAL ESTATE LOANS,
REAL GDP,
REAL WAGES,
RECAPITALIZATION,
REGULATORY FORBEARANCE,
SAVINGS,
SOCIAL COSTS,
STREETS,
SUBSTANDARD LOANS,
TAX,
TELECOMMUNICATIONS,
TOTAL FACTOR PRODUCTIVITY,
TOTAL FACTOR PRODUCTIVITY GROWTH,
TRAFFIC CONGESTION,
UNEMPLOYMENT,
URBANIZATION,
WAGES,
WEALTH,
WELFARE GAINS, |
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| Online Access: | http://documents.worldbank.org/curated/en/2001/06/1614734/back-brink-thailands-response-1997-economic-crisis
https://hdl.handle.net/10986/13973
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