Thailand

Hoe Ee Khor, Diwa C. Guinigundo and Masahiro Kawai ()

Chapter 3 in Trauma to Triumph:Rising from the Ashes of the Asian Financial Crisis, 2022, pp 51-69 from World Scientific Publishing Co. Pte. Ltd.

Abstract: On July 2, 1997, the Bank of Thailand (BOT) abandoned its long-standing policy to peg the baht to the United States (US) dollar at a fixed rate and floated the currency. The decision triggered the crisis in Thailand, which in turn was the precursor to a wider regional crisis. Observers like Haruhiko Kuroda took the view that the Asian financial crisis (AFC) would not have happened if there had been no Thai crisis. The Thai crisis, in other words, exposed the vulnerabilities and the policy blind spots that would be the underlying causes of the financial contagion that would sweep through the region.

Keywords: ASEAN+3; Asian Financial Crisis; Global Financial Crisis (search for similar items in EconPapers)
JEL-codes: F02 F3 G01 (search for similar items in EconPapers)
Date: 2022
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