Government policy, industrialisation and the investment development path: the case of Thailand

Anthony Bende-Nabende and Jim Slater

Global Business and Economics Review, 2004, vol. 6, issue 1, 55-81

Abstract: This study investigates the interactive role government policy has played in influencing industrialisation and, hence, the pattern of the investment development path (IDP) of Thailand. We start by analysing how, until the 1997/8 financial crisis, the increasing attractiveness of Thailand's economy generated benefits from foreign direct investment (FDI) inflows. While its sources of comparative advantage were changing, financial deregulation lured Thailand into abandoning the necessary checks in the financial system thus instigating a financial crisis, which had dire effects particularly on the FDI outflows. Consequently, the traditional pattern of the IDP was disrupted. We conclude that Thailand can re-track into the traditional pattern of the IDP if it pursues the right policies.

Keywords: government policy; industrialisation; investment development path; Thailand; foreign direct investment; FDI inflows; financial deregulation; FDI outflows. (search for similar items in EconPapers)
Date: 2004
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