Credit crunch in Thailand after the economic crisis: myth or reality?
by Gour C. Saha, Omprakash K. Gupta
J. for Global Business Advancement (JGBA), Vol. 2, No. 3, 2009

Abstract: It is widely speculated that Thailand witnessed a credit crunch situation after its severe economic crisis in 1997. In this paper, we study the prevailing dispute regarding the existence (or lack of it) of credit crunch after the 1997 economic crisis. The results of the analysis using both macro- and micro-level data do not support this existence. The micro-level data include 14 industries listed under the Stock Exchange of Thailand. The results show that credit extension just changed its form from short term to long term. Both exporting and non-exporting industries had similar patterns in this regard. This paper recommends revision of leverage studies that were based on assumption of existence of credit crunch in Thailand.

Online publication date: Wed, 23-Sep-2009

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