IDEAS home Printed from https://ideas.repec.org/b/wbk/wbpubs/13973.html
   My bibliography  Save this book

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

Author

Listed:
  • Ijaz Nabi
  • Jayasankar Shivakumar

Abstract

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.

Suggested Citation

  • Ijaz Nabi & Jayasankar Shivakumar, 2001. "Back from the Brink : Thailand's Response to the 1997 Economic Crisis," World Bank Publications - Books, The World Bank Group, number 13973.
    • Handle: RePEc:wbk:wbpubs:13973
    as

    Download full text from publisher

    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/13973/multi0page.pdf?sequence=1
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Thomas R. Saving & Steven N.S. Cheung & Jane V. Hall & Masahiro Kawai & Anwar Nasution & Supachai Panitchpakdi & Wisarn Pupphavesa & Ammar Siamwalla & John A. Tatom, 1998. "Thailand'S Exchange‐Rate Crisis: Relationships To East Asia And The Global Economy," Contemporary Economic Policy, Western Economic Association International, vol. 16(2), pages 136-156, April.
    2. Lauridsen, Laurids S., 1998. "The financial crisis in Thailand: Causes, conduct and consequences?," World Development, Elsevier, vol. 26(8), pages 1575-1591, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Shalendra D. Sharma, 2002. "Beyond the IMF Medicine: Thailand's Response to the 1997 Financial Crisis," International Area Studies Review, Center for International Area Studies, Hankuk University of Foreign Studies, vol. 5(1), pages 27-49, March.
    2. Núñez Rodríguez, Gaspar & Romero Tellaeche, José Antonio, 2020. "Nationalism and development: an alternative for Mexico," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kaelo Mpho Ntwaepelo, 2021. "The Effects of Macroprudential and Monetary Policy Shocks in BRICS economies," Economics Discussion Papers em-dp2021-20, Department of Economics, University of Reading.
    2. Markus K. Brunnermeier & Isabel Schnabel, 2014. "Bubbles and Central Banks: Historical Perspectives," Working Papers 1411, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz, revised 31 Oct 2014.
    3. Nakavachara, Voraprapa, 2010. "Superior female education: Explaining the gender earnings gap trend in Thailand," Journal of Asian Economics, Elsevier, vol. 21(2), pages 198-218, April.
    4. Gerardo Alfonso Perez, 2021. "Short-Term Event-Driven Analysis of the South-East Asia Financial Crisis: A Stock Market Approach," Economies, MDPI, vol. 9(4), pages 1-30, October.
    5. Ahmad Zubaidi Baharumshah & Hamizun Bin Ismail, 2012. "The present value model and Thailand's current account balance," Journal of Economic Studies, Emerald Group Publishing, vol. 39(3), pages 337-355, December.
    6. Lukas Menkhoff, 2000. "Bad banking in Thailand? An empirical analysis of macro indicators," Journal of Development Studies, Taylor & Francis Journals, vol. 36(5), pages 135-168.
    7. Rabindra Nath Chakraborty, 1999. "Finanzkrise und der Aufbau der Alterssicherung: Das Beispiel Thailand," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 68(1), pages 36-50.
    8. Rashid Ameer, 2013. "Financial liberalization and firms’ capital structure adjustments evidence from Southeast Asia and South America," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 37(1), pages 1-32, January.
    9. World Bank, 2004. "Serbia and Montenegro : An Agenda for Economic Growth and Employment," World Bank Publications - Reports 14487, The World Bank Group.
    10. Soo Xin Lin & Jerome Kueh, 2019. "Determinants of Current Account Balance in Six ASEAN Countries: A Panel Analysis Approach," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(7), pages 129-129, July.
    11. Alfredo C. Robles, 2014. "EU Trade in Financial Services with ASEAN, Policy Coherence for Development and Financial Crisis," Journal of Common Market Studies, Wiley Blackwell, vol. 52(6), pages 1324-1341, November.
    12. Ogura, Yoshiaki, 2006. "Learning from a rival bank and lending boom," Journal of Financial Intermediation, Elsevier, vol. 15(4), pages 535-555, October.
    13. , Aisdl, 2019. "Stock Market And Economic Growth In Vietnam," OSF Preprints ucbhp, Center for Open Science.
    14. Thomas Ziesemer, 1999. "Long-Run Aspects of the Asian Debt Crisis," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 68(1), pages 94-102.
    15. Martin Piotrowski & Yok-Fong Paat, 2012. "Determinants of Educational Attainment in Rural Thailand: A Life Course Approach," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 31(6), pages 907-934, December.
    16. Santonu Basu, 2003. "Why do Banks Fail?," International Review of Applied Economics, Taylor & Francis Journals, vol. 17(3), pages 231-248.
    17. Sharma, Krishnan, 2001. "The Underlying Constraints on Corporate Bond Market Development in Southeast Asia," World Development, Elsevier, vol. 29(8), pages 1405-1419, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wbk:wbpubs:13973. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tal Ayalon (email available below). General contact details of provider: https://edirc.repec.org/data/dvewbus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.