This paper aims to outline the role that effective exchange rates, both real and nominal, play in Thailand’s monetary policy framework. It discusses some of the applications that effective exchange rates have been applied to in practice, highlighting some of the limitations that often arise....

The formation of the AEAN Economic Community (AEC) in 2015 is an important milestone in the process of ASEAN integration. The challenge for members is to tap on the gains of integration while staying prepared for changes. As financial integration is part of this process, it is important to reap...

The paper investigates the impact of exchange rates on US foreign direct investment (FDI) inflows to a sample of 16 emerging market countries using panel data for the period 1990-2002. Three variables are utilized to capture separate exchange rate effects. The bilateral exchange rate to the US$...

In Thailand, information asymmetry problems between lenders and SMEs are evident. Credit access is found to increase with firms’ ages, assets and sales. Firms’ funding structures lean more towards debt funding rather than equity funding for medium and large size firms as well as those in the...

TIn achieving price stability, a common mandate of monetary policy, central banks can choose different ways to conduct monetary policy. The difference in the conduct of monetary policy lies in the instrument they use not in the monetary policy regime per se. The paper finds that the higher the...

Recently, weak central bank financial positions, especially of emerging economies, have brought into the public spotlight whether it will constrain or obstruct the policy implementation in the long run or not. The country case studies and statistical performance showed that the central bank...