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Asia and Pacific > Thailand

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
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Cover IMF Working Papers
ASEAN-5: Further Harnessing the Benefits of Regional Integration amid Fragmentation Risks
Nuri Baek
,
Kaustubh Chahande
,
Kodjovi M. Eklou
,
Mr. Tidiane Kinda
,
Vatsal Nahata
,
Umang Rawat
, and
Ara Stepanyan
The ASEAN-5 region, which comprises Indonesia, Malaysia, the Philippines, Singapore, and Thailand, has benefited substantially from its integration to the world economy, particularly through trade. Rising risks of geoeconomic fragmentation could reverse some gains reaped from globalization over the past decades. In this context, advancing regional integration among ASEAN-5 members has the potential to enhance the region’s resilience against external headwinds. This paper shows that despite sizeable progress, particularly in regional trade integration, there is room to advance financial integration, which also lags trade integration in ASEAN-5. Empirical findings from the paper illustrate that a higher degree of regional financial integration could generate sizeable output gains for the region. Using firm-level data, the paper highlights that digitalization, an area where the region is thriving, can support regional integration by helping firms better integrate into global value chains, with the benefits being stronger for small and medium sized enterprises. The results also suggest that digitalization can help firms move up the value chain through the production of more sophisticated products, often coined as higher export sophistication.
Keywords:
Trade integration; financial integration; digitalization; fragmentation risks; goods export sophistication; firm level result; firm growth; firm Growth; external finance dependence; Financial sector development; Exports; Global; Asia and Pacific
Cover IMF Staff Country Reports
Thailand: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper examines the impact of key structural fiscal reforms on growth and other macro variables in Thailand. The study simulates the impact of: a public infrastructure push; labor market policies, including an increase in the pensionable age and in provision of childcare services; and a change in the composition of taxes from income taxes to value added tax to shed light on the desired composition of additional taxes to be levied in the longer term. The results indicate that structural reforms enabling higher infrastructure investment, stronger labor participation, and more efficient taxation can raise growth significantly and contribute to addressing domestic and external imbalances.
Keywords:
ISCR; CR; financial condition; ASEAN economy; rule; loan; portfolio investment; monetary policy transmission mechanism; retirement age; inflation objective; infrastructure investment; Financial integration; Macroprudential policy; Macroprudential policy instruments; Financial sector stability; Regional integration; Global; Asia and Pacific