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The Effects of Capital Account Issues on Thai Corporate Earnings
The central bank defends the exchange rate, so interest rates start to go up. Now that has a direct impact on property. Thailand is not a rich country but you find it quite deep into society. There was some form of speculation going on. The higher interest rates then did have a negative wealth effect which did lead to lower levels of consumption. But this one was so big and so pervasive that it fed through in the GDP.