This paper employs a Kaleckian/Minskyan analysis of profit flows to explain Thailand’s experiences of growth and crisis under different policy regimes. Specifically, the paper shows how profits were differently supported under the neoliberal policy regime of the day and a regime of less stable exchange rates and fiscal deficits. The analysis of the components of profit flows is helpful in explaining why capitalist economies oscillate between different types of monetary and fiscal interventions.
Arestis, P., and M. Glickman.2002. Financial crisis in Southeast Asia: Dispelling illusion the Minskyan way. Cambridge Journal of Economics26: 237-60.
2.
Brennan, D., and G. Hewitson.2004. Minsky and the asymmetric information explanation of financial crisis. Presented at the Eastern Economic Association, Washington, DC.
3.
Dwor-Frecaut, D., F. Colaco , and M. Hallward-Driemeier, eds. 2000. Asian corporate recovery. Washington, DC: World Bank.
4.
International Monetary Fund.2007. International financial statistics. December.
5.
Jansen, W.J.2000. The effects of capital inflows in Thailand, 1980-96. In DNB Staff Reports46, Netherlands Central Bank.
6.
Kalecki, M.1954. Theory of economic dynamics. Great Britain: Unwin Brothers LTD.
7.
Kalecki, M.1976. Essays on Developing Economies. EnglandThe Harvester Press.
8.
Kregel, J.A.1998. Yes, "IT" did happen again-a Minskian crisis happened in Asia. Working Paper No. 234, The Jerome Levy Economics Institute.
9.
Leightner, J.E.1999. Globalization and Thailand’s financial crisis. Journal of Economic Issues33 (2): 367-73.
10.
Leightner, J.E.2007. Thailand’s financial crisis: Its causes, consequences, and implications. Journal of Economic Issues41 (1): 61-76.
11.
Minsky, H.P.1975. John Maynard Keynes. New York: Columbia University Press.
12.
Minsky, H.P.1982. Can "it" happen again: Essays on instability and finance . Armonk, NY: M. E. Sharpe.
13.
Moreno, R.1997. Lesson from Thailand. FRBSF Economic Letter 97-33, November 7, Federal Reserve Bank ofSan Francisco. http://www.frbsf.org/econrsrch/wklyltr/e197-33.html .
14.
Sau, L.2003. Banking, information, and financial instability in Asia . Journal of Post Keynesian Economics25 (3): 493-513.
15.
Schroeder, S.2002. A Minskian analysis of financial crisis in developing countries. Centre for Economic Policy Analysis Working Paper 09, New School University, New York .
16.
Thailand Development Research Institute.2002 . Table 19, The Stock Exchange of Thailand (SET) index. Thailand Information Research Kit. Thailand Development Research Institute.
17.
Wolfson, M.2000. Neoliberalism and international financial instability . Review of Radical Political Economics32 (3): 369-78.
18.
Wolfson, M.2002. Minsky’s theory of financial crises in a global context. Journal of Economic Issues36 (2): 393-400.
19.
World Bank.2003. Global development finance & world development indicators. Washington, DC: World Bank.
