THAILAND, FINANCIAL CRISIS AND MONETARY POLICY

Karel Jansen

18 citations0/0 files storedJournal of the Asia Pacific Economy

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic Theory and Policy

Abstract

This article interprets the financial crisis that started in July 1997 in Thailand as a failure of monetary policy. The traditional policy regime of fixed exchange rate and high interest rates that had served Thailand well in the past, was inconsistent with the international mobility of capital in the 1990s. A better combination of exchange rate and interest policies will have to be established in order to contribute to the recovery and renewed growth. The article questions whether the inflation targeting now being considered will serve that purpose.

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References

1998The East Asian Financial Crisis: Diagnosis, Remedies, Prospects 1999Inflation targeting: lessons from the international experience 1998The Onset of the East Asian Financial Crisis 1996OPEN-ECONOMY MACROECONOMICS 1998What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview 1999Exchange Rates in Emerging Economies: What Do We Know? What Do We Need to Know?2000Financial Sector Crisis and Restructuring:Lessons from Asia 1997The Scope for Inflation Targeting in Developing Countries

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