TAILIEUCHUNG - Financial Liberalization and the Capital Account Thailand 1988–1997

The 1980s and 1990s have been critical periods for Thailand’s development. After an initial period of instability in the early 1980s, Thailand’s economy expanded at an average pace of 9 percent . during 1987–96, while the number of households below the poverty line dropped from percent in 1988 to percent in 1996. During this period, Thailand’s economy also underwent deep structural changes, including the liberalization of its financial sector and the integration of its economy with global financial and product markets. For example, trade as a ratio to GDP increased from 54. | Financial Liberalization and the Capital Account Thailand 1988-1997 by Pedro Alba Leonardo Hernandez Daniela Klingebiel World Bank and Central Bank of Chile. Valuable comments were received from Gerard Caprio Simeon Djankov Swati R. Ghosh and Giovanni Majnoni. The findings interpretations and conclusions expressed in this paper are those of the authors and do not necessarily represent the views of the World Bank. - 2 - Table of Contents I. Introduction II. Initial Conditions 1. The Macro-Environment a. Macro-Imbalances and the Macro-Stabilization Program of 1984-87 b. Structural Reforms 2. The Financial System a. Structure of the Financial System b. Regulatory and Incentive Framework of Financial Institutions c. Performance and Condition of Financial Institutions d. Resolution of the Banking Crisis 83-87 3. The Corporate Sector 4. Conclusion III. Liberalization of the Capital Account and Financial Sector in the early 1990s 1. Liberalization of the Capital Account 2. Liberalization of the Financial System IV. Consequences of the Liberalization of the Capital Account and the Financial Sector 1. Surge in Capital Inflows Increased Reliance on Foreign Capital and the Shortening of the Maturity Structure 2. Rapid Growth in Credit 3. Increased Leverage of the Thai Corporate Sector 4. Increase in Risk Profile of Financial Institutions V. Policy Response 1. Macro-Response a. Determinants of Capital Flows b. Monetary Policy c. Fiscal Policy d. Exchange Rate Policy 2. Policy Response in the Financial Sector a. Measures aimed at Deterring Short-term Foreign Capital Flows b. Changes to the Regulatory Regime 3. Conclusions VI. Conclusions - 3 - I. Introduction The 1980s and 1990s have been critical periods for Thailand s development. After an initial period of instability in the early 1980s Thailand s economy expanded at an average pace of 9 percent . during 1987-96 while the number of households below the poverty line dropped from percent in 1988 to percent in .

• Kế toán - Kiểm toán
• Financial Liberalization
• Capital Account
• Financial System
• Financial Institutions
• The Corporate Sector
• Determinants of Capital Flows
• socio economic
• financial world
• financial and monetary
• banking and credit
• the world economy
• Social EffEconomic ects
• development banking
• financial fragility
• financial crisis
• deflation
• Economic growth
• Financial integration
• Vietnam’s economy
• Financial services
• giáo trình đại học
• giáo dục đào tạo
• kinh tế học
• Resource Mobilization
• capital account liberalization
• institutions and fiancial development
• cross country evidence
• shareholde protection
• analysis indicates
• financial development
• Banking crisis
• Spatial econometrics
• Spatial panel model
• Estimate the parameters
• Cost efficiency
• Environment variables
• Tunisian banks
• Tunisian banking system
• ANCIAL INTERMEDIAFINTION
• Threshold conditions
• Global financial
• International Capital Flows
• synchronization
• Empirical evidence
• capital market liberalization
• Asia Pacific Region +
• financial market liberalization
• Journa science
• International journal of financial research
• Banking system
• Data envelopment analysis
• Vietnamese banking
• thanh toán quốc tế
• cho vay tín dụng
• lãi suất
• hệ thống ngân hàng
• tài liệu về ngân hàng
• Trade liberalization
• regional integration
• sectoral productivity
• Technological innovation
• development experience
• Toda and Yamamoto
• Selected emerging countries
• Exchange rate
• Asset bubble
• Capital account crisis
• Vietnam's rising inflation
• Cryopreservation – Equipment
• Overview and Innovation
• Methods of Assessment
• Cryopreserved Semen
• Chemical Features
• Non Conventional Fruits
• Developing countries
• Manufacturing sector
• Regional economic integration
• Risk management
• Macro economic factors
• Credit risk management
• Tunisian deposit banks