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Thailand's Investment-Driven Boom and Crisis.

Abstract:

Analyses of the Asian crisis of 1997 have focused excessively on the financial sector, especially the banks. The role of the real sector in exposing the financial system to stress has been under-emphasized. This paper provides a real-sector explanation for Thailand's crisis, demonstrating the role of the investment boom of the preceding decade. We build a full macroeconomic model of the Thai economy and use it to demonstrate that the investment boom and its changing composition generated reco...

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Publisher copy:
10.1093/oep/55.3.440

Authors


Publisher:
Oxford University Press
Journal:
Oxford Economic Papers
Volume:
55
Issue:
3
Pages:
440 - 466
Publication date:
2003-01-01
DOI:
ISSN:
0030-7653
Language:
English
UUID:
uuid:6f2fd5db-7b81-433b-b3da-b981420734e1
Local pid:
oai:economics.ouls.ox.ac.uk:11261
Deposit date:
2011-08-16

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