Economy Of Thailand


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economy of thailand Asian Crisis

There are many speculations about the causes of the Asian Crisis. From my
research I found out that there is quite a number of reasons for the Asian
currency crisis. There is a book called; The East Asian Miracle, which was
published by the World Bank. This book expressed the relationship between
government, the private sector, and the market. (See Hoover Digest 1998 No.3.
William McGurn. What went wrong?) The book talks about the economic bloom in
Southeast Asia. The East Asian countries borrowed a lot of money from the IMF
and World Bank and used it to create a better economy for themselves. I found
out that the following countries due to their reoccurrence during my research
experienced the bloom. The countries are as listed: South Korea, Indonesia, Hong
Kong, Thailand, Malaysia, The Philippines, Singapore and Taiwan. These countries
experienced a lot of growth, growth that even doubled the growth in the rest of
East Asia, and almost tripled the growth in Latin America. The economic miracle
started in South Korea, Hong Kong, Taiwan and Singapore then Malaysia, Thailand,
Indonesia and the Philippines. These countries achieved very remarkable rates of
growth and development. They built high quality manufacturing industries from
clothes to computers. (What went wrong? Hoover Digest 1998 No.3 William McGurn)
In the paper written by William McGurn "What went wrong?", he
explained that the people's minds in Asia only understood the word miracle and
the banks failed to recognize the risks and credits of the bloom. The banks also
failed to realize that they were only being used as policy arms by the
government. The only word that stuck in people's minds in Asia was the word
miracle. They therefor forgot the fundamentals, which could be easily
understood. William McGurn said that the countries that suffered the most in the
Asian economic crash were the countries that were heavily engaged in the state
planning. 'This in turn lead to all manners of extravagant claims about
"Asian Values" and the idea that western concepts such as competition
really didn't apply" (William McGurn. What went wrong?) On February 19,
1998 a group of Hoover fellows and invited experts assembled in the Hoover
institution to discuss the likely causes for the crisis. The discussion pulled a
very large crowd in to the Hoover Stauffer Auditorium to hear what the
well-recognized economists, political scientists and historians had to say. The
panel came to an agreement that the crisis that started in Asia was due to
excessive short-term borrowing, risky investments by banks and flawed government
policies that permitted such investments. (See Hoover Institution Newsletter
Spring 1998) From the article; "Why did it happen?", on this web site:
www.megastories.com/seasia/why/why.htm, I found out that Asia had been
experiencing a miracle for the past 30 years, but they are now suffering a
crisis. These economies are now experiencing collapsing currencies and depleting
stock markets. The Asian countries at first borrowed a lot of money from the IMF
and the World Bank and used it to invest in certain unprofitable ordeals. "
The problem was bad in Thailand, where a succession of weak governments had
allowed money to flood into unwanted skyscrapers rather than investing in roads
and telecommunications, and education." (Directly from the article)
"The unwise spending was the worst in South Korea where the entire economic
system was based on governments encouraging banks to make cheap loans to big
conglomerates for continued expansion regardless of world demand."
(Directly from article) They borrowed the money in US dollars thinking that they
would have no problems paying the debts off, because their currency's exchange
rates were pegged to the US dollar. They borrowed money in dollars because their
own currency's interest rates were too small. In the middle of 1995, the US
dollar started to rise against most of the world's other currencies. Because the
Asian exchange rates of local currencies were pegged to the US dollar they rose
with the US dollar. The rise in value led to the Asian countries decrease in
exports. Their exports became less demanded and competitive in the worlds
market. For the economies to come out of the crisis and return to their normal
sale of exports, they had three options. They would have to let go of the dollar
value, wait for the dollar to depreciate against other currencies or buy local
currency from the moneylenders. They couldn't wait for the dollar to depreciate
because they were unsure of how long it might take. At first the Asian countries
borrowed money from the IMF and World Bank ... more

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Economics in Asia




PG 109:Global Perspectives on Development
Pacific Asia’s Changing Fortunes in the Global Economy since 1970
Since the mid 1960s, Pacific Asia has had a remarkable rate of economic growth. This growth has been sustainable and faster than all other regions of the world (see fig. 1). This region consists of  twenty-three economies but it was just eight who caused most of this amazing growth. The eight were Hong Kong, the Republic of Korea, Singapore, Taiwan, China, (the “Four Tigers”) Japan and the newly industrialised economies (NIEs) of south-east Asia, Indonesia, Malaysia, and Thailand. The eight high performing Asian economies (HPAEs) mentioned here will be the focus of this essay.  What caused this success in Pacific Asia? What role did public policies play in engineering this rapid growth? How was the human and physical capital accumulated?
Most of the high growth in the HPAEs was achieved by getting the basics right. Large human capital and private domestic investment largely powered the growth. High domestic savings levels meant HPAE investment levels remained high. Agriculture experienced rapid growth and improvement of its productivity. HPAEs population growth rate declined faster than in other parts of the developing world. HPAEs were also helped by their labour force being better-educated and having more effective public administration than other developing regions. Another cause of this success, was the development policy used. The policies were made to create a stable framework for private investment while increasing the integrity of the banking system, raising levels of financial savings. Education policies concentrated on primary and secondary schools to create a labour force with better skills. Policies on agriculture pushed productivity without pushing the rural economy. Government intervention was also essential to foster development.
The growth of these HPAEs is highly unusual in the developing world. They are highly diverse in culture, resources and population yet they are banded together with some characteristics. They have all had rapid sustained growth with highly equal income distributions. Strong agriculture, rapid demographic changes and export booms.
There are two main views of how the HPAEs were so successful. The first is the neo-classical, which stresses getting the basics right. This was providing a strong legal framework to promote competition (domestic and international), the absence of price distortions (e g price controls) and the investment in people, health and education. The second view is of the revisionist, where the government uses state-led development and intervention to achieve growth.
The macroeconomic policies of the HPAEs were very responsible. They were able to limit fiscal deficits to levels that could be financed without the pressures of inflation increasing. Inflation was moderate and predictable, enabling interest rates to be very stable. The stability of the macroeconomic environment made long-term planning and private investment possible. HPAEs adjusted to terms of trade shocks more effectively than other developing economies and have had more robust recoveries of financial investment. Export growth grew thanks to exchange rate protection (Japan, Taiwan and China) and exchange rate adjustments. Import substitution (non macroeconomic) and pro export structures were established.
Leaders of HPAEs tried to build an institutional basis for growth. They put forward ideas of shared growth, where everyone benefits from economic groups. Korea and China carried out land reforms while Indonesia used rice and fertiliser policies to raise rural incomes, this was to prove the shared wealth. HPAEs tried to build business-friendly environments by setting up deliberation councils to shape government policy towards business. Private sector companies drafted the rules and so became more willing participants.
The building of human capital was essential to the HPAEs growth. Spending was first concentrated on providing primary education for all. Universal secondly education was introduced later on. Birth rates fell, so when spending remained constant, more resources were available per child. Further education concentrated on skills (mainly technical) and imported educational services for most of this teaching. These improvements resulted in a technologically inclined human capital base from which they could engage the rapid growth of the economy.
The HPAEs increased the levels of savings and investments by avoiding inflation and keeping interest rates on deposits stable and positive. On the whole HPAEs had higher real interest rates on deposits than other low and middle-income developing economies. Banks were given higher security ... more

economy of thailand

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