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

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

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 developin...

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Bibliographic Details
Main Authors:	Nabi, Ijaz, Shivakumar, Jayasankar
Format:	Publication
Language:	English en_US
Published:	Washington, DC: World Bank 2013
Subjects:	ASSETS BALANCE SHEETS BANK OF THAILAND BANKING SECTOR BANKRUPTCY BORROWING CENTRAL BANK COMPETITIVENESS CONTAGION CORPORATE GOVERNANCE CREDIT CULTURE DEBT DEBT RESTRUCTURING DEBT SERVICE DEBT TO EQUITY RATIOS DEVALUATION ECONOMIC CONDITIONS ECONOMIC HISTORY ECONOMIC PERFORMANCE ECONOMIC RECOVERY EMPLOYMENT EXCHANGE RATE EXPORT GROWTH EXPORTS FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL POLICY FOREIGN EXCHANGE GDP GROSS DOMESTIC PRODUCT GROSS NATIONAL SAVINGS GROWTH RATE HOUSING IMPORTS INCOME INFLATION INFLATION RATE INTEREST EXPENSE INTEREST RATE INTEREST RATES INTERNATIONAL BANKING INTERNATIONAL COMPETITION LABOR COSTS LABOR PRODUCTIVITY LICENSES LIQUIDITY MACROECONOMIC POLICY MACROECONOMIC STABILIZATION MARKET DISCIPLINE MARKET VALUE MERGERS MONETARY AUTHORITIES MONETARY POLICY MONEY SUPPLY MORAL HAZARD NET WORTH NONPERFORMING LOANS POLLUTION PRIVATE CONSUMPTION PRIVATE SECTOR PRODUCTION COSTS PRODUCTION PROCESSES PRODUCTIVITY PROVISIONS PUBLIC POLICY PUBLIC SECTOR PUBLIC SPENDING REAL ESTATE LOANS REAL GDP REAL WAGES RECAPITALIZATION REGULATORY FORBEARANCE SAVINGS SOCIAL COSTS STREETS SUBSTANDARD LOANS TAX TELECOMMUNICATIONS TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TRAFFIC CONGESTION UNEMPLOYMENT URBANIZATION WAGES WEALTH WELFARE GAINS
Online Access:	http://documents.worldbank.org/curated/en/2001/06/1614734/back-brink-thailands-response-1997-economic-crisis http://hdl.handle.net/10986/13973

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Summary:	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.

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