Thailand's macroeconomic miracle: stable adjustment and sustained growth

526 Pages·1996·3.01 MB·English

by  Peter G. Warr

Thailand's Macroeconomic Miracle : Stable
title: Adjustment and Sustained Growth World
Bank Comparative Macroeconomic Studies
author: Warr, Peter G.; Bhanupong Nidhiprabha
publisher: World Bank
isbn10 | asin: 0821326546
print isbn13: 9780821326541
ebook isbn13: 9780585238470
language: English
Structural adjustment (Economic policy)--
subject Thailand, Thailand--Economic policy,
Thailand--Economic conditions.
publication date: 1996
lcc: HC445.W363 1995eb
ddc: 338.9593
Structural adjustment (Economic policy)--
subject: Thailand, Thailand--Economic policy,
Thailand--Economic conditions.
Page i
WORLD BANK
COMPARATIVE MACROECONOMIC STUDIES
Thailand's Macroeconomic Miracle
Stable Adjustment and Sustained Growth
Page ii
For Suthida and Divina
Page iii
Thailand's Macroeconomic Miracle
Stable Adjustment and Sustained Growth
Peter G. Warr
Bhanupong Nidhiprabha
THE WORLD BANK, WASHINGTON, D.C.
OXFORD UNIVERSITY PRESS, KUALA LUMPUR
Page iv
© 1996 The International Bank for Reconstruction and Development /
The World Bank
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Manufactured in the United States of America
First printing October 1996
The World Bank Comparative Macroeconomic Studies series emerges
from a research project that reviewed the macroeconomic experiences
of eighteen developing countries over a period roughly from 1965 to
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The findings, interpretations, and conclusions expressed in this
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The latest edition is available free of charge from Distribution Unit,
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Cover design by Sam Ferro
Peter G. Warr is the John Crawford Professor of Agricultural
Economics at the Australian National University, Canberra, Australia.
Bhanupong Nidhiprabha is Associate Professor in the Faculty of
Economics at Thammasat University, Bangkok, and Research Fellow
at the Thailand Development Research Institute, Bangkok, Thailand.
World Bank ISBN 0-8213-2654-6
Oxford University Press ISBN 983-56-0000-7
Library of Congress Cataloging-in-Publication Data
Warr, Peter G.
Thailand's macroeconomic miracle: stable adjustment and sustained
growth / Peter G. Warr, Bhanupong Nidhiprabha.
p. cm.
Includes bibliographical references.
ISBN 0-8213-2654-6
1. Structural adjustment (Economic policy)Thailand.
2. ThailandEconomic policy. 3. ThailandEconomic conditions.
I. Nidhiprabha, Bhanupong, 1954-. II. Title.
HC445.W363 1996
338.9593dc20 95-13672
CIP
Page v
CONTENTS
Foreword vii
Acknowledgments ix
Thai Names x
Acronyms xi
Data Notes xii
Chapter 1. Introduction 1
Part One. The Macroeconomic Policy Environment
Chapter 2. The Political and Historical Setting: The 7
Paradox of Policy Stability
Thailand's Turbulent Political History 8
Sources of Economic Conservatism 19
Conclusions 29
Chapter 3. The Economic Setting: Structure and 30
Performance of the Thai Economy
Social Character 30
Market Structure 31
Economic Performance 42
Appendix: Thailand's Macroeconomic Data Base 60
Chapter 4. The Policy Setting: Role of the Public Sector 67
The Institutional Framework 68
The Development Plans 70
The Fiscal System 75
Sectoral and Market Interventions 77
Public Provision of Infrastructure 87
Public Enterprises 89
Regulation of External Public Sector Debt 93