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Myths about miracles: the case of Thailand

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  • Peter Warr

Abstract

Over several decades, Thailand achieved rapid economic growth, based on booming exports, combined with low inflation, a record ending only with the crisis of 1997. The sources of this achievement have been poorly understood. The rapid growth has often been attributed to industry policies that promoted exports. But policy measures ostensibly designed to promote exports made no such contribution; they did not favour industries that subsequently performed well. The macroeconomic stability has likewise been attributed in part to discretionary fiscal stabilization. However, short-run, discretionary fiscal policy made almost no contribution to macroeconomic stabilization; automatic fiscal stabilizers were far more important.

Suggested Citation

  • Peter Warr, 2001. "Myths about miracles: the case of Thailand," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 9(1), pages 115-134.
    • Handle: RePEc:taf:jitecd:v:9:y:2001:i:1:p:115-134
    DOI: 10.1080/096381900362580
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    References listed on IDEAS

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    1. World Bank, 1992. "World Development Report 1992," World Bank Publications - Books, The World Bank Group, number 5975.
    2. Mr. Erik Offerdal & Ms. Kalpana Kochhar & Mr. Louis Dicks-Mireaux & Ms. Jianping Zhou & Mr. Mauro Mecagni & Mr. Balázs Horváth, 1996. "Thailand: The Road to Sustained Growth," IMF Occasional Papers 1996/012, International Monetary Fund.
    3. Mr. David Robinson & Mr. Ranjit S Teja & Yangho Byeon & Ms. Wanda S Tseng, 1991. "Thailand: Adjusting to Success: Current Policy Issues," IMF Occasional Papers 1991/014, International Monetary Fund.
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