Back from the Brink : Thailand's Response to the 1997 Economic Crisis

Nabi, Ijaz ; Shivakumar, Jayasankar

Washington, DC:World Bank

关键词: ASSETS;    BALANCE SHEETS;    BANK OF THAILAND;    BANKING SECTOR;    BANKRUPTCY;   

DOI  :  10.1596/0-8213-4949-X
RP-ID  :  22865

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This essay reviews the traumaticexperience of Thailand's economy during 1997-1999,describes the policy response, and draws lessons for thefuture. Whereas the country's economic performanceuntil 1996, was exemplary within the developing world -consistent growing, high gross domestic product rates,exports expansion, and in-flow of foreign capital - thefinancial downturn of 1997 gave way to a deep economicrecession, which diminished asset values, and threatened tounleash large-scale unemployment. The book analyzes thecrisis, highlighting the tension, and controversy thatsurrounded structural reform, and, describes the ongoinglegal, regulatory, and institutional reforms - all designedto ensure prudent decision-making by Thai bankers, andcorporations. The book concludes with an outline of thesteps needed to complete the reform program, in a way thatwill consolidate the fragile economic recovery, and allowsustained growth. The economic history of the crisis -highlighted in Figure 1-1 - shows the movements of selectedindicators of the economy, during this volatile period.