Thailand's performance was often described as an example others might emulate and its principal economic institutions, particularly its central bank, the Bank of Thailand, were cited as examples of competent and stable management. The crisis of 1997 changed all that. Domestically, the economy was in disarray. Output and investment were contracting; poverty incidence was rising; the exchange rate had collapsed, following the decision to float the currency in July 1997; the government has been...[Show more]
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