Thailand is back on its long-term growth path. Annual growth rates during the last 5 years, i.e.
2002 to 2006, average more than 4.5% and are thus somewhat above acceleration of the world
economy with about 3 to 4% during the same period (calculated in real per capita terms). So
Thailand has managed to overcome the depression caused by the Asian financial crisis and has
regained its earlier position as a rapidly growing economy.
This ambitious development process includes a continuing reform of Thailand’s financial
sector.We can, indeed, show that the phase where financial reforms were dictated by the needs of
crisis resolution has gone and that the country is back to a ‘‘normal’’ situation. Normal, however,
does not mean ‘‘no change’’ as Thailand’s economy is evolving with high speed. High growth implies continuous severe structural changes and one of the important areas of change is the
financial system. This paper addresses this financial system change with an emphasis on the
policy viewpoint, neglecting the dynamics within single institutions. Accordingly, we use the
macroeconomic literature on long-term financial system development as a framework to describe
and assess the reform process in Thailand after 1997.
Thailand is back on its long-term growth path. Annual growth rates during the last 5 years, i.e.2002 to 2006, average more than 4.5% and are thus somewhat above acceleration of the worldeconomy with about 3 to 4% during the same period (calculated in real per capita terms). SoThailand has managed to overcome the depression caused by the Asian financial crisis and hasregained its earlier position as a rapidly growing economy.This ambitious development process includes a continuing reform of Thailand’s financialsector.We can, indeed, show that the phase where financial reforms were dictated by the needs ofcrisis resolution has gone and that the country is back to a ‘‘normal’’ situation. Normal, however,does not mean ‘‘no change’’ as Thailand’s economy is evolving with high speed. High growth implies continuous severe structural changes and one of the important areas of change is thefinancial system. This paper addresses this financial system change with an emphasis on thepolicy viewpoint, neglecting the dynamics within single institutions. Accordingly, we use themacroeconomic literature on long-term financial system development as a framework to describeand assess the reform process in Thailand after 1997.
การแปล กรุณารอสักครู่..