Macroeconomic policies matter for sustainable long-term growth. With global fluctuations, deviation from a stable growth path can be minimized by countercyclical macro policies, if properly implemented. This book examines Thailand’s 55 years of experience in macroeconomic management and provides valuable lessons for other emerging economies at various stages of development on what could have been done to avoid economic instability. It also examines how short-term complications can develop into perennial problems obstructing the process of economic development.
The book provides an alternative approach to the study of economic growth through the inclusion of both economic history and institutional context, appealing to academics and economists who focus on economic growth, economic development, international macroeconomics, public policy study, business cycles, and the open-market economy.
Table of Contents
1. The Thai Economy in the Early Years: 1961-1990
2. The Resilience of the Thai Economy: 1991-2005
3. Political Instability, the Coups, and the Underperforming Economy: 2006-2017
4. The Banking Sector: Adjustments to Financial Crises and Business Cycle
5. The Stock Market and Macroeconomy
6. External Imbalances and Macroeconomic Adjustments
7. Exchange Rate Policy: Lessons from the Past
8. Monetary Policy Strategy for Long-term Growth and Stability
9. Impacts of Quantitative Monetary Easing Policy
10. China’s Business Cycle and Impacts on Thailand
11. Fiscal Policy for Long-term Growth and Stability
12. Macroeconomic Perspective of Poverty and Income Distribution
13. Conclusions: Lessons for Emerging Economsies
Bhanupong Nidhiprabha is Professor in Economics at Thammasat University, Bangkok, Thailand. He was also Dean of the Faculty of Economics between 2011 and 2014.