Shalendra D. Sharma
Search for other papers by Shalendra D. Sharma in
Current site
Google Scholar
PubMed
Close
Thailand
Crisis, reform and recovery

This chapter argues that the Bank of Thailand (BOT) made two egregious policy blunders. First were the futile and costly defense of the baht during late 1996 and the first half of 1997. Second was the bleeding of the Thai government's Financial Institutions Development Fund (FIDF) to prop up failing financial institutions, while neglecting to take actions to remedy the underlying structural problems in the financial and banking sector. Drawing on the Bank of Thailand's published materials, the chapter suggests that Thailand's long period of economic boom had lulled the technocrats into complacency. Unlike earlier financial crises in the developing world, where governments over-borrowed until they were forced to seek a bailout from the International Monetary Fund (IMF), or a multilateral debt rescheduling from externally-based creditors, the Thai crisis was rooted in the private sector.

  • Collapse
  • Expand

All of MUP's digital content including Open Access books and journals is now available on manchesterhive.

 

The Asian financial crisis

Crisis, reform and recovery

Metrics

All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 1101 261 24
PDF Downloads 4780 539 11