The characteristics that distinguish most developing countries, compared to large industrialized countries, include: greater exposure to supply shocks in general and trade volatility in particular, procyclicality of both domestic fiscal policy and international finance, lower credibility with...

How resilient are emerging market economies to potentially tougher external conditions, especially if they become prolonged? This paper takes the view that initial economic conditions before the eruption of an adverse external shock matter, and they matter a lot. In particular, the literature...

The Thai economy in the early years: 1961-1990 -- The resilience of the Thai economy: 1991-2005 -- Political instability, the coups, and the underperforming economy: 2006-2017 -- The banking sector : adjustments to financial crises and business cycle -- The stock market and macroeconomy --...