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 |
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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.
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