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Thailands investment-driven boom and crisis

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dc.contributor.authorVines, David
dc.contributor.authorWarr, Peter
dc.date.accessioned2015-12-13T22:36:46Z
dc.date.issued2003
dc.date.updated2015-12-11T09:33:34Z
dc.description.abstractAnalyses 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 record growth but also increased macroeconomic vulnerability. This vulnerability, combined with the trigger of an export slowdown in 1996, produced the crisis.
dc.identifier.issn1464-3812
dc.identifier.urihttp://hdl.handle.net/1885/76929
dc.publisherOxford University Press
dc.sourceOxford Economic Papers
dc.subjectKeywords: economic growth; financial crisis; financial services; financial system; investment; Thailand
dc.titleThailands investment-driven boom and crisis
dc.typeJournal article
local.bibliographicCitation.lastpage466
local.bibliographicCitation.startpage440
local.contributor.affiliationVines, David, College of Asia and the Pacific, ANU
local.contributor.affiliationWarr, Peter, College of Asia and the Pacific, ANU
local.contributor.authoruidVines, David, u4183582
local.contributor.authoruidWarr, Peter, u8000642
local.description.embargo2037-12-31
local.description.notesImported from ARIES
local.description.refereedYes
local.identifier.absfor140202 - Economic Development and Growth
local.identifier.ariespublicationMigratedxPub5742
local.identifier.citationvolume55
local.identifier.scopusID2-s2.0-0042631329
local.type.statusPublished Version

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