parent companies at home. This period also witnessed a
surge in the sales of Thai assets abroad (four times more
than the pre-crisis period 1990-1996), reflecting the
financial consolidation strategy pursued by Thai enterprises.
Sales of overseas assets by Thai enterprises were 15 times
the number of Thai M&A purchases in the same period.
These extensive liquidations of Thai assets abroad, which
took place mainly in developed countries (the United States
and Japan) and were concerned with finance,
telecommunication, utilities and manufacturing activities
(table 4), contributed to the decline in Thai outward FDI
stock in 2000 (figure 1).