Financial Liberalization and the Capital Account Thailand 1988–1997
The 1980s and 1990s have been critical periods for Thailand’s development. After an initial period of instability in the early 1980s, Thailand’s economy expanded at an average pace of 9 percent p.a. during 1987–96, while the number of households below the poverty line dropped from 32.6 percent in 1988 to 16.3 percent in 1996.
During this period, Thailand’s economy also underwent deep structural changes, including the liberalization of its financial sector and the integration of its economy with global financial and product markets. For example, trade as a ratio to GDP increased from 54...
