RETHINKING THAILAND¡¯S GROWTH POLICIES

Aeggarchat Sirisankanan ()
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Aeggarchat Sirisankanan: Mahasarakham University, Thailand

Journal of Economic Development, 2014, vol. 39, issue 2, 51-73

Abstract: This paper applies Johansen¡¯s cointegration and error-correction model to examine the relationships among a set of economic reform policies, the contribution of external factors, and Thailand¡¯s economic growth. The Johansen¡¯s cointegration results reveal that fiscal reform, openness, and deregulation have a positive effect on economic growth, while financial development has no significant effect on economic growth. Meanwhile, we also find that some external shocks have a highly significant effect, with a large magnitude, on Thailand¡¯s economic growth. Additionally, the estimation of the VECM indicates that the variables in the model may be in disequilibrium in the short run since the short-run adjustment coefficient is significantly negative.

Keywords: Economic Growth; Economic Policy Reform; External Shocks; Thailand (search for similar items in EconPapers)
JEL-codes: E60 O20 O40 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:jed:journl:v:39:y:2014:i:2:p:51-73

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