Public Debt and Economic Policy During the Economic Crisis

Sethaput Suthiwart-Narueput and Varan Pradittatsanee
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Sethaput Suthiwart-Narueput: Ministry of Finance
Varan Pradittatsanee: Ministry of Finance

No 2000-02, Working Papers from Monetary Policy Group, Bank of Thailand

Abstract: Public debt in Thailand increased substantially between 1997 and 1999, leading to widespread concerns about its near and longer-term impact. This paper discusses the increase in public debt during the crisis and assesses its impact on various monetary and fiscal policy aggregates. Of particular concern is whether the increase in public debt has led or is likely to lead to crowding out of private investment or other types of public expenditure. This paper argues that whether or not this occurs depends not only upon the level of public debt per se, but crucially upon the monetary and fiscal stance adopted as well as the uses of public debt.

Pages: 24 pages
Date: 2000-02
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