Download or read book Shock Therapy What Role for Thai Monetary Policy written by Mr.Harun Alp and published by International Monetary Fund. This book was released on 2012-11-08 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thailand had to endure three major shocks during 2008–2011: the global financial crisis, the Japanese earthquake, and the Thai floods of 2011. Over this period, consistent with its inflation targeting framework, the Bank of Thailand (BOT) let the exchange rate depreciate and cut interest rates (to, for example, a historically low level of 11⁄4 percent by mid-2009). This paper seeks to uncover the role of monetary policy in softening the impact of these shocks. Specifically, it seeks to address the following question: if an inflation targeting framework underpinned by a flexible exchange rate regime had not been in place, how would the economic contractions associated with these shocks have differed? Counterfactual simulations based on an estimated structural model indicate that countercyclical monetary policy and exchange rate flexibility added up to a total of 4 percentage points to real GDP growth during periods when Thailand had to weather these three major shocks.

Download or read book Shock Therapy What Role for Thai Monetary Policy written by Mr.Harun Alp and published by International Monetary Fund. This book was released on 2012-11-08 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thailand had to endure three major shocks during 2008–2011: the global financial crisis, the Japanese earthquake, and the Thai floods of 2011. Over this period, consistent with its inflation targeting framework, the Bank of Thailand (BOT) let the exchange rate depreciate and cut interest rates (to, for example, a historically low level of 11⁄4 percent by mid-2009). This paper seeks to uncover the role of monetary policy in softening the impact of these shocks. Specifically, it seeks to address the following question: if an inflation targeting framework underpinned by a flexible exchange rate regime had not been in place, how would the economic contractions associated with these shocks have differed? Counterfactual simulations based on an estimated structural model indicate that countercyclical monetary policy and exchange rate flexibility added up to a total of 4 percentage points to real GDP growth during periods when Thailand had to weather these three major shocks.

Download or read book IMF Research Bulletin December 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-12-10 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Research Summaries in the December 2012 IMF Research Bulletin look at "Market Failures and Macroprudential Policy" (Giovanni Favara and Lev Ratnovski) and "Measurement Matters for House Price Indices" (Mick Silver). The Q&A column looks at "Seven Questions on Turning Points of the Global Business Cycle." The Bulletin also includes a listing of recent IMF Working Papers and Staff Discussion Notes, as well as a list of the top-viewed articles for the first three issues of IMF Economic Review in 2012. Information is also included on a call for papers for the conference "Asia: Challenges of Stability and Growth" to be held in Seoul in 2013.

Download or read book Global Approaches in Financial Economics Banking and Finance written by Hasan Dincer and published by Springer. This book was released on 2018-06-12 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume discusses the impact of Financial Economics, Growth Dynamics, and the Finance & Banking sector in the economies of countries. The contributors analyse and discuss the effects of the recent financial crises on the economic growth and performance in various countries. The volume covers aspects like foreign borrowing, impact on productivity and debt crises that are strongly affected by the financial volatility of recent years and includes examples from Europe and Asia. In addition, the authors give particular attention to the private sector of Finance and Banking, which is deeply interwoven with the financial performance of a country’s economy. Examples such as bank profitability and troubled loans are covered and the volume also discusses the economic impact of banks such as the Ottoman Bank in a national economy. The book also explores the importance of financial stability, intellectual capital and bank performance for a stable economic environment.

Download or read book Asymmetric Effects of Monetary Policy Shocks written by Kevalin Wangpichayasuk and published by . This book was released on 2001 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book How China Escaped Shock Therapy written by Isabella M. Weber and published by Routledge. This book was released on 2021-05-26 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country’s rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China’s path. In the first post-Mao decade, China’s reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization—but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators? With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia’s economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens. Overall, the book delivers an original perspective on China’s economic model and its continuing contestations from within and from without.

Download or read book Monetary Policy Structural Break and the Monetary Transmission Mechanism in Thailand written by Heiko Hesse and published by . This book was released on 2007 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper studies monetary policy and the monetary transmission mechanism in Thailand in light of the Asian crisis in 1997. Existing studies that adopt structural vector auto-regression (VAR) approaches do not give a clear and agreed-upon view how monetary shocks are transmitted to the Thai economy that is subject to structural breaks. This study explicitly models a pre-crisis and post-crisis cointegrated VAR model. This analysis supports arguments that the trinity of open capital markets, pegged exchange rate regime, and monetary policy autonomy is inconsistent in the pre-crisis period. In contrast, the model points to an effective monetary policy in the post-crisis period. Further, the author analyzes the common driving trends of the model.

Download or read book G20 Economic Policy written by Marcello Minenna and published by Taylor & Francis. This book was released on 2024-07-26 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the statistics of the G-20 members with the goal of providing an analysis of their economic policies, with a particular emphasis on the financial dynamics of each country's Balance of Payments, in order to offer a framework for better understanding where we are headed in an era of great economic and geopolitical reconfiguration. Furthermore, it delves into the current challenges to the US-led monopolar world that emerged after the collapse of the Soviet Union, beginning with the rise of China and India alongside Russia, and their potential role in reshaping the global financial system. The focus also extends to South America, where economies such as Brazil and Argentina are navigating complex relationships with traditional allies and emerging global powers. Africa's position in this evolving landscape is also analyzed, highlighting its growing autonomy as exemplified by the African Union's inclusion in the G-20. Furthermore, the Middle East is undergoing a remarkable geopolitical shift, undoubtedly representing another node of power in the emerging economic chessboard. These geopolitical dynamics are further complicated by major global events, including the 2008 global financial crisis, the Eurozone sovereign debt crisis, the COVID-19 pandemic in 2020, and the Russo-Ukrainian conflict in 2022. Pressing challenges are also posed by the climate emergency, highlighting its direct impact on productivity and migration patterns. Finally, this book seeks to contribute to a nuanced understanding of the current economic realities of key global actors and their complex interplay with geopolitical choices. Based on a scholarly approach, the analysis provides insights into the complex and evolving global order.

Download or read book Synergies Between Monetary and Macroprudential Policies in Thailand written by Ichiro Fukunaga and published by International Monetary Fund. This book was released on 2020-06-05 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: A dynamic stochastic general equilibrium (DSGE) model tailored to the Thai economy is used to explore the performance of alternative monetary and macroprudential policy rules when faced with shocks that directly impact the financial cycle. In this context, the model shows that a monetary policy focused on its traditional inflation and output objectives accompanied by a well targeted counter-cyclical macroprudential policy yields better macroeconomic outcomes than a lean-against-the-wind monetary policy rule under a wide range of assumptions.

Download or read book External Liberalization in Asia Post Socialist Europe and Brazil written by Lance Taylor and published by Oxford University Press. This book was released on 2006-02-02 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews the experience of 14 countries with external liberalization and related policies, based on papers written by national authors following a common 0000oeconomic methodology. The methodology, the papers' main results, and policy implications are summarized in the introductory chapter. The book reports on a follow-on project to the country studies presented in Lance Taylor (ed.), External Liberalization, Economic Performance, and Social Policy, OUP, 2001. The new project represents a significant extension of the earlier work in that it focuses principally on formerly socialist European economies (Hungary, Poland, Russia), Asian economies (consistently growing China, India, Singapore, and Vietnam; the 1997-98 crisis victims Indonesia, Korea, Malaysia, and Thailand; and cyclically stagnant Philippines and Turkey). Brazil is also included as an important comparator. Macroeconomics has traditionally been less actively pursued in Asia and the transition economies than, say, in Latin America. The 1997-98 crisis awoke the Asians to the importance of macro, and the present book is in part a response to the development. A distinguishing feature of the book is the common methodology, which focuses on the mechanisms via which effective demand is generated and the interactions of labor productivity, employment growth, and income distribution. The country papers show clearly how trade and capital account liberalization along with changes in the real exchange rate affected demand, productivity, and employment at the country level. They also trace through shifts in the overall income distribution and the incidence of poverty. The authors of the papers bring a wealth of insight into their thick descriptions à la Clifford Geertz's famous Balinese cockfight about how diverse economies responded to rather similar reform packages and offer lessons about ongoing institutional change. They also suggest policy shifts that may help make economic performance better in the future than it has been in the past.

Download or read book The Shock Doctrine written by Naomi Klein and published by Metropolitan Books. This book was released on 2010-04-01 with total page 721 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bestselling author of No Logo shows how the global "free market" has exploited crises and shock for three decades, from Chile to Iraq In her groundbreaking reporting, Naomi Klein introduced the term "disaster capitalism." Whether covering Baghdad after the U.S. occupation, Sri Lanka in the wake of the tsunami, or New Orleans post-Katrina, she witnessed something remarkably similar. People still reeling from catastrophe were being hit again, this time with economic "shock treatment," losing their land and homes to rapid-fire corporate makeovers. The Shock Doctrine retells the story of the most dominant ideology of our time, Milton Friedman's free market economic revolution. In contrast to the popular myth of this movement's peaceful global victory, Klein shows how it has exploited moments of shock and extreme violence in order to implement its economic policies in so many parts of the world from Latin America and Eastern Europe to South Africa, Russia, and Iraq. At the core of disaster capitalism is the use of cataclysmic events to advance radical privatization combined with the privatization of the disaster response itself. Klein argues that by capitalizing on crises, created by nature or war, the disaster capitalism complex now exists as a booming new economy, and is the violent culmination of a radical economic project that has been incubating for fifty years.

Download or read book Policy Transfer in Global Perspective written by Mark Evans and published by Taylor & Francis. This book was released on 2017-07-05 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world of public policy is becoming increasingly small due to dramatic changes in global communications, political and economic institutional structures, and to nation states themselves. This book evaluates the implications of these changes and challenges for both the study and the practice of policy transfer, and provides a unique understanding of the relationship between systemic globalizing forces and the increasing scope and intensity of policy transfer activity. It provides: an explanation of policy transfer as a process of organizational learning; an insight into how and why such processes are studied by policy scientists; an evaluation of its use by policy practitioners; and the first published collection of policy transfer case studies between developed countries, from developed to developing countries, and from developing countries.

Download or read book The Role of Monetary Policy and Velocity on the Economic Activity in Thailand written by Suraphol Thipvilai and published by . This book was released on 1991 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Managing Country Risk in an Age of Globalization written by Michel Henry Bouchet and published by Springer. This book was released on 2018-08-04 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an up-to-date guide to managing Country Risk. It tackles its various and interlinked dimensions including sovereign risk, socio-political risk, and macroeconomic risk for foreign investors, creditors, and domestic residents. It shows how they are accentuated in the global economy together with new risks such as terrorism, systemic risk, environmental risk, and the rising trend of global volatility and contagion. The book also assesses the limited usefulness of traditional yardsticks of Country Risk, such as ratings and rankings, which at best reflect the market consensus without predictive value and at worst amplify risk aversion and generate crisis contamination. This book goes further than comparing a wide range of risk management methods in that it provides operational and forward-looking warning signs of Country Risk. The combination of the authors’ academic and market-based backgrounds makes the book a useful tool for scholars, analysts, and practitioners.

Download or read book Capital Flows Without Crisis written by Dipak Dasgupta and published by Routledge. This book was released on 2013-01-11 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last decade has seen a massive increase in international capital flows to emerging markets. This development has offered opportunities to those countries that have opened themselves up to overseas capital, but it has also created risks. In this volume, a team of policymakers and academics from 14 different countries, as well as representatives of the international financial institutions primarily responsible for responding to the crises, examine the challenges and options facing policymakers today. The book includes both detailed analysis of individual economies from around the world and in-depth analysis of the broad systemic issues of why crises occur and how we can prevent them. By looking at economies from many different parts of the world, the book provides a broad and comprehensive look at the similarities and differences in recent financial crises.

Download or read book Thailand s Monetary Experience written by Paul B. Trescott and published by New York : Praeger Publishers. This book was released on 1971 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Political Economy of Shock Therapy written by John Marangos and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The collapse of the centrally administered economies gave rise to a transition process towards economic systems based on market relations. Nevertheless, the transition process is not restricted to the economic field. The political and ideological aspects of the transformation are fundamental. As such an analysis of the shock therapy model requires the exposition of what I define the primary elements of the shock therapy model which are: 1) The body of economic analysis used by the shock therapy model. 2) What structure of society the shock therapy model desires to achieve. 3) The speed of the reforms. 4) The political structure consistent with the model. 5) The consistent ideological structure. After the identification of the primary elements of the shock therapy model the next step is to identify secondary elements, the desired changes with respect to: 1) Price liberalisation stabilisation. 2) Privatisation. 3) Institutional structure. 4) Monetary policy. 5) Fiscal policy. 6) International trade and Foreign Aid. 7) Social policy. The analytical framework developed makes it possible to understand the shock therapy model from a new and more enlightening perspective. We are better able to comprehend the complexities involved and the disagreements about the reform process.