Thailand's macroeconomic miracle: stable adjustment and sustained growth PDF
Preview Thailand's macroeconomic miracle: stable adjustment and sustained growth
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 1818 H Street, N.W., Washington, D.C. 20433 Distributed exclusively in Asia and non-exclusively in the rest of the world by Oxford University Press 4 Jalan U1/15, Seksyen U1 Hicom Glenmarie Industrial Park 40000 Shah Alam Selangor Darul Ehsan Malaysia All rights reserved 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 1990. So that the studies might be published with relatively little delay, the books have been edited outside the World Bank's Office of the Publisher by the Macroeconomic Research Department. The findings, interpretations, and conclusions expressed in this publication are those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to the members of its Board of Executive Directors or the countries they represent. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, Inc., Suite 910, 222 Rosewood Dr., Danvers, Massachusetts 01923, U.S.A. The complete backlist of publications from the World Bank is shown in the annual Index of Publications, which contains an alphabetical title list and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from Distribution Unit, Office of the Publisher, The World Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A., or from Publications, The World Bank, 66, avenue d'Iéna, 75116 Paris, France. 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
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