Thailand's macroeconomic miracle: stable adjustment and sustained growth
World Bank Discussion Paper No. 345. Focuses on financial sector reforms in the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia and provides a detailed assessment of where each country stands relative to European Union requirements for financial sector integration. The paper reviews current trends and changes in the countries' banking systems, the development of their capital markets, and the effects of changes in their legal and regulatory systems on banking supervision.
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Structure and Performance
Role of the Public Sector
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adjustment aggregate agriculture average baht balance of payments Bangkok Bank of Thailand boom capital ﬂows capital inﬂows ceiling central bank central govemment changes coefﬁcient commercial banks commodity countercyclical countries country’s current account deﬁcit declined deposits devaluation Development domestic interest rate economic growth effect estimated exchange rate export extemal shocks ﬁgure ﬁnance ﬁrst oil ﬁscal impulse ﬁscal policy ﬁxed exchange rate foreign borrowing GDP growth govemment govemment’s growth rate increase industry inﬂation inﬂuence intemational prices interest rate parity Japanese yen long-term macroeconomic military million Ministry of Finance monetary base monetary policy money supply national income nontradables Ofﬁce ofﬁcial oil price shock output pattem percentage period petroleum prices planned political public enterprises public investment public sector ratio real GDP reﬂected response result rise share short-run short-term signiﬁcant signiﬁcantly Source Table terms of trade Thai tradables U.S. dollar unplanned various issues World Bank