In June 1997, the currency of Thailand has become the subject of intense speculation, as the balance of payments of the country was in tatters. Among the government's efforts to turn things around, the Minister of Finance, Dr. Amnuay Viravan resigned over policy differences and the Thai stock market fell as investors fear the currency devaluation. As the successor Amnuay, in Thanong, trying to take charge, he discovered a terrible secret: the Central Bank of Thailand was virtually no liquid foreign reserves left to defend their exchange rates. What actions it should take? And, more importantly, what actions he can take? "Hide
by Michael Enright, James Newton, Maria Ho, Elyssa Tran, Ricky Lai Source: University of Hong Kong, 19 pages. Publication Date: 04 February 2009. Prod. #: HKU804-PDF-ENG
