Myths about miracles: the case of Thailand

Over several decades, Thailand achieved rapid economic growth, based on booming exports, combined with low inflation, a record ending only with the crisis of 1997. The sources of this achievement have been poorly understood. The rapid growth has often been attributed to industry policies that promot...

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Published in:The journal of international trade & economic development 2000, Vol.9 (1), p.115-134
Main Author: Warr, Peter G.
Format: Article
Language:English
Subjects:
Economic growth
Economic stability
Export Promoting
Export promotion
Fiscal Stabilization
Industrial policy
Inflation rate
Stabilization policy
Thailand
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description Over several decades, Thailand achieved rapid economic growth, based on booming exports, combined with low inflation, a record ending only with the crisis of 1997. The sources of this achievement have been poorly understood. The rapid growth has often been attributed to industry policies that promoted exports. But policy measures ostensibly designed to promote exports made no such contribution; they did not favour industries that subsequently performed well. The macroeconomic stability has likewise been attributed in part to discretionary fiscal stabilization. However, short-run, discretionary fiscal policy made almost no contribution to macroeconomic stabilization; automatic fiscal stabilizers were far more important.
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source International Bibliography of the Social Sciences (IBSS); EBSCOhost Econlit with Full Text; Taylor and Francis:Jisc Collections:Taylor and Francis Read and Publish Agreement 2024-2025:Social Sciences and Humanities Collection (Reading list); Business Source Ultimate (EBSCOHost)
subjects Economic growth
Economic stability
Export Promoting
Export promotion
Fiscal Stabilization
Industrial policy
Inflation rate
Stabilization policy
Thailand
title Myths about miracles: the case of Thailand
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