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Chosen journal was published with the title “Thailand’s Financial Crisis: its Causes, Consequences, and Implications” by Jonathan E. Leightner. Selected journal started its argument with the looming concern in recent days regarding the collapsing of the entire global economy under financial crisis situation in European Union. The journal further depicts the causes and consequences of financial crisis on the economy of Thailand. While performing and in-depth analysis of the previous researches in literature section, author focused on detailing the Thailand’s Crisis and later moved on to provide explanation of the institutional consequence of the crisis on the economy of the Thailand.
as the literature review section highlights, Thailand during 1990 has been growing at a faster rate compared to its neighbors and acting as the big brother it helped the small neighboring economic through providing finance (Leightner, 2007). According to same source, however, during 1996, in order to cover up a major economic scandal by Bank of Commerce, Bank of Thailand enhanced the reserve rates that brought in panic within the financial market of the domestic economy. Situation escalated further once the Thai exchange and stock market was suspended and it brought a dampening blow to the financial institution because most of their loans were directed towards infrastructural development of the economy. Thai Baht faced speculative attack and to maintain fixed exchange rate system it committed expenditure of 6.8 billion USD along with 23.4 billion USD for forward obligation that brought in the flexible exchange rate for the first time in the domestic economy (Leightner, 2007). This crisis in Thailand has brought in institutional consequences both in the credit market as well as the political field as well whose repercussion impact is present till now. After 4 years of the crisis in the domestic economy, new budget has been tabled, however, it failed to provide any outcome. With the rise in business between Thailand and china, a hope of bettering economic situation has been observed during 2005, however impact of Tsunami, drought and rise of oil price impacted the economy negatively again (Leightner, 2007).
As the report highlights, it has given a broad an in-depth view of the crisis in Thailand during 1990s and showcased that crisis can lead to evolvement of institutions that allows sustainable democracy and good amount of trust among the investors. The report has given an insight how financial crisis occurs through the credit market and mistrust among the investors can lead to crisis situation. At the end of the journal, the researcher has argued trade dependable countries like Thailand can export more and using foreign capital inflow to tackle with the Crisis, however, generalized utilization of a policy is not applicable to all.
Leightner, J. E. (2007). Thailand’s Financial Crisis: Its Causes, Consequences, and Implications. Journal of Economic Issues, 41(1), 61-76.
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