Monetary Policy in Thailand: A Case Study of the Monetary Authorities' Actual Behavior, 1960-1981
The purpose of this study is to understand both qualitatively and quantitatively the actual monetary policy decision process in Thailand. The approach taken involves a basic assumption that actual monetary policy decisions involve a complex mixture of technical, institutional and socio-political considerations. These are important factors and forces that influence actual monetary policy which are not included within the conceptual framework of normative theory at its present stage of development. This subject has not been a major preoccupation of economists concerned with macroeconomic and monetary policy. Attention to central bank behavior has been kept in the spirit of normative rather than positive economics. Little effort has been made to study central bank behavior objectively with attention to the reasons for observed behavior--much as economists might analyze the behavior of firms and households.
University of Illinois - Urbana-Champaign
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University of Illinois at Urbana-Champaign