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Macro Volatility and Financial Crisis in Thailand : Some Historical Evidence

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dc.contributor.authorPholphirul, Piriya
dc.date.accessioned2012-03-30T07:30:00Z
dc.date.available2012-03-30T07:30:00Z
dc.date.issued2009
dc.description.abstractThis paper uses national income identity to explain the causal relationships among Thailand's aggregate volatility, deficient financial structure, financial liberalization, and financial crisis in this country. Relatively good macroeconomic policies and diversified structure were able to compensate for financial imperfections and weak corporate governance in the financial sector in the period 1970-90. Under these conditions, real GDP growth was positive, inflation was relatively low, and consumption was relatively less volatile than GDP. The 1997 crisis, however, severely affected the ability of central authorities to smooth fluctuation. Investment and consumption volatility increased substantially. This implies that, when counter-cyclical policies are difficult to implement and incomplete markets exist, it is much more difficult to stabilize consumption.en
dc.identifier.citationASEAN Economic Bulletin
dc.identifier.issn02174472
dc.identifier.urihttps://hdl.handle.net/10986/4840
dc.language.isoEN
dc.relation.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.rights.holderWorld Bank
dc.subjectMacroeconomics: Production E230
dc.subjectBusiness Fluctuations
dc.subjectCycles E320
dc.subjectFinancial Markets and the Macroeconomy E440
dc.subjectMergers
dc.subjectAcquisitions
dc.subjectRestructuring
dc.subjectVoting
dc.subjectProxy Contests
dc.subjectCorporate Governance G340
dc.subjectMacroeconomic Analyses of Economic Development O110
dc.subjectEconomic Development: Financial Markets
dc.subjectSaving and Capital Investment
dc.subjectCorporate Finance and Governance O160
dc.subjectFiscal and Monetary Policy in Development O230
dc.titleMacro Volatility and Financial Crisis in Thailand : Some Historical Evidenceen
dc.title.alternativeASEAN Economic Bulletinen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.doctypeJournal Article
okr.externalcontentExternal Content
okr.identifier.externaldocumentum1407
okr.journal.nbpages278-292
okr.language.supporteden
okr.peerreviewAcademic Peer Review
okr.region.countryThailand
okr.relation.associatedurlhttp://search.ebscohost.com/login.aspx?direct=true&db=eoh&AN=1085074&site=ehost-live
okr.relation.associatedurlhttp://muse.jhu.edu/journals/asean_economic_bulletin/
okr.volume26
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