The purpose of this papar is to draw the structure of Thailand financial system to help achieve a future sustainable growth. This paper is divided into two sections, namely Macro and Micro Analysis. In the first part,the results from panel data regressions suggest that economic growth is...

The paper investigates the characteristics of house price dynamics and the role of institutional features in nine Asia-Pacific economies. On average, house prices tend to be more volatile in markets with lower supply elasticity and more flexible business environment. At the national level, the...

This paper reviews the main developments in the theory of monetary policy that have taken place since the early decades of the 20th century. The starting point of the review is the quantity theory of money as a basis for monetary policy conduct under the Gold Standard. The collapse of the Gold...

This paper is the first of its kind to compare the probability of default (PD) estimates for low default portfolios (LDPs) from various methods–notably Pluto and Tasche (2006), Van Der Burgt (2007), Benjamin, Cathcart and Ryan (2006) and Roengpitya (2012)–using the historical data of...

It is widely argued that foreign investment is a mechanism for improving corporate governance in emerging markets. The results of this paper, which uses firm-level data on 365 Thai firms, challenge this conventional wisdom. A firm-specific index of the quality of corporate governance is...

Since 2007 global financial crisis, many central banks have tended to focus on financial stability much more than ever. Lessons learned from recent crises witness that in a period of sustained economic growth with low and stable inflation, financial imbalances could adversely affect financial...

Excessive currency mismatch and structural fragility against FX risk not only was among the major contributing factors to the 1997 crisis, but also made the crisis very costly to resolve. Since then, the Thai economy has reduced vulnerabilities at the macro level to potential FX changes by...

This paper addresses the roles of exchange rate in monetary policy under inflation targeting (IT) regime, with a particular focus on Thailand. The analysis will examine the role of exchange rate as a channel of monetary policy transmission mechanism, its role as a shock absorber and the...

We model relationships within as well as between two economic regions—Thailand and the rest of the world—and quantify changes in the spillover relationship between international forces and key Thai macroeconomic variables after the adoption of inflation targeting (2000-2008). Within the same...