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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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

id	okr-10986-13973
recordtype	oai_dc
spelling	okr-10986-139732021-04-23T14:03:10Z Back from the Brink : Thailand's Response to the 1997 Economic Crisis Nabi, Ijaz Shivakumar, Jayasankar 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 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. 2013-06-17T18:42:54Z 2013-06-17T18:42:54Z 2001-06 http://documents.worldbank.org/curated/en/2001/06/1614734/back-brink-thailands-response-1997-economic-crisis 0-8213-4949-X http://hdl.handle.net/10986/13973 English en_US Directions in Development; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Publications & Research :: Publication Publications & Research :: Publication East Asia and Pacific Thailand
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	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
spellingShingle	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 Nabi, Ijaz Shivakumar, Jayasankar Back from the Brink : Thailand's Response to the 1997 Economic Crisis
geographic_facet	East Asia and Pacific Thailand
relation	Directions in Development;
description	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.
format	Publications & Research :: Publication
author	Nabi, Ijaz Shivakumar, Jayasankar
author_facet	Nabi, Ijaz Shivakumar, Jayasankar
author_sort	Nabi, Ijaz
title	Back from the Brink : Thailand's Response to the 1997 Economic Crisis
title_short	Back from the Brink : Thailand's Response to the 1997 Economic Crisis
title_full	Back from the Brink : Thailand's Response to the 1997 Economic Crisis
title_fullStr	Back from the Brink : Thailand's Response to the 1997 Economic Crisis
title_full_unstemmed	Back from the Brink : Thailand's Response to the 1997 Economic Crisis
title_sort	back from the brink : thailand's response to the 1997 economic crisis
publisher	Washington, DC: World Bank
publishDate	2013
url	http://documents.worldbank.org/curated/en/2001/06/1614734/back-brink-thailands-response-1997-economic-crisis http://hdl.handle.net/10986/13973
_version_	1764424943563440128

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

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