A Look Into the Association Between the Asian Financial Crisis and the Per Capita GDP Growth Slowdown in Thailand

DOI

10.2991/978-94-6463-042-8_211How to use a DOI?

Keywords

Asian financial crisis; economic growth; capital accumulation; total factor productivity; Thailand

Abstract

Based on a framework stemming from previous literature and the neoclassical growth model, this paper examines how the Asian financial crisis might be associated with Thailand's per capita GDP growth slowdown after the crisis. The paper first looks into the probable effect of the crisis on Thailand's pre-crisis, capital-driven growth pattern. Then, the paper studies whether the crisis disrupted Thailand's transition to a TFP-oriented growth pattern, which is believed to be essential for middle-income countries like Thailand to sustain their growth. It is found that while the Asian financial crisis possibly slowed the capital accumulation in Thailand, it did not seem to affect the country's transition to the TFP-led growth. Thailand's reduction in per capita GDP growth is likely to be a result of crisis-induced capital growth slowdown and inherently TFP growth sluggishness.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Jianhan Zhang
PY  - 2022
DA  - 2022/12/29
TI  - A Look Into the Association Between the Asian Financial Crisis and the Per Capita GDP Growth Slowdown in Thailand
BT  - Proceedings of the 2022 International Conference on mathematical statistics and economic analysis (MSEA 2022)
PB  - Atlantis Press
SP  - 1452
EP  - 1458
SN  - 2352-538X
UR  - https://doi.org/10.2991/978-94-6463-042-8_211
DO  - 10.2991/978-94-6463-042-8_211
ID  - Zhang2022
ER  -