In the year 1996, Thailand faced recession of exports, resulting in the floating of Baht. Finally in 1997, the ‘bubble’ economy collapsed and economic crisis took place. Baht fell 40 percent, increasing the public debts risen from loans during the economic expansion to approximately 3.8 millions of million Baht. With such heavy burdens, Thailand was then forced to come into agreement with the International Monetary Fund or IMF for the restructuring of the country’s economy. This meant Thailand’s freedom in the implementation of various economic and financial policies was limited.