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The Schumpeterian Structural Adjustment Of The Banking Industry: A Post Financial Crisis Analysis

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  • JARUNEE WONGLIMPIYARAT

    (The Ministry of Science and Technology — The National Science and Technology Development Agency, 114 Thailand Science Park, Paholyothin Rd., Klong 1, Klong Luang, Pathumthani 12120, Thailand)

  • RACHANEE TRIPIPATKUL

    (Standard Chartered Nakornthon Bank, 90 North Sathorn Road, Bangrak, Bangkok 10500, Thailand)

Abstract

This paper discusses the economic growth and technological change of the Thai banking industry in relation to a post financial crisis, based on Schumpeter's economic development theory. It is argued that the structural changes of the Thai banking industry reflect Schumpeter's gales of creative destruction. The circumstance in which Thailand has to let the ailing banks and financial institutions go bankrupt and renew the process of growth through mergers and acquisitions represents an adjustment phase of an economy undergoing technological change. Using Porter's Competitive Forces Model, this paper aims to understand banks' pursuit of strategies to survive and increase competitiveness under the financial liberalization policies. The paper concludes with policy recommendations for the Thai banking industry to manage innovations under a competitive pressure after the financial crisis.

Suggested Citation

  • Jarunee Wonglimpiyarat & Rachanee Tripipatkul, 2005. "The Schumpeterian Structural Adjustment Of The Banking Industry: A Post Financial Crisis Analysis," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 19-31.
    • Handle: RePEc:wsi:ijitmx:v:02:y:2005:i:01:n:s0219877005000368
    DOI: 10.1142/S0219877005000368
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    References listed on IDEAS

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    1. Gerald Silverberg & Luc Soete (ed.), 1994. "The Economics Of Growth And Technical Change," Books, Edward Elgar Publishing, number 408.
    2. Chris Freeman & Luc Soete, 1997. "The Economics of Industrial Innovation, 3rd Edition," MIT Press Books, The MIT Press, edition 3, volume 1, number 0262061953, December.
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