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Comments Comments Comments by Tauyoon Kim, on Lessons from Thailandâs Fiscal Policy Tauyoon Kim: This paper shows various relationships among monthly economic data on Thailand. For example, the author shows changes in trends of exports and manufacturing output index, changes in business conï¬dence, changes in expenditure and tax revenue, short-run impact of ï¬scal policy by applying vector autoregression (VAR) using manufacturing production index, exports, public expenditure, public revenue, consumer price index, changes in business sentiment index, and so on. Based on the authorâs analysis using these data, he states that (1) Thailandâs ï¬scal policy can be effective to stabilize short-term ï¬uctuations of output and maintain price stability if there is a speciï¬c rule on ï¬scal policy; (2) sufï¬cient ï¬scal space would be good for implementing ï¬scal expansionary policy after the global recession; (3) capital expenditure is more important than current spending for long-term growth; (4) an automatic ï¬scal stabilizer is necessary when formulating countercyclical ï¬scal policy measures; and (5) the Thai governmentâs populist policy toward the military sector threatens ï¬scal sustainability. This is interesting since Thailandâs social and physical infrastructure should be more advanced with the sustainability of physical policy to achieve the countryâs development. This enables Thailand to move from being a middle-income country toward becoming a developed country in Asia. It is also good to know that the government revenue increases about two times higher than government expenditure when output increases and much less when price increases. However, the paperâs analysis needs more explanation. First, it would be useful to have explanations on any data that do not indicate units in paper. For example, Figure 1 does not have units of exports and output. Figures 3, 4, and 5 have similar problems. Second, results for the VAR might be needed with a table because the author studied that. Also, it would be helpful for readers who do not know the Thai economy to have more detailed explanations on the authorâs statement about having âno evidence to support a non-Keynesian effect of ï¬scal policy.â Overall, the paper is helpful in providing a better understanding of Thailandâs physical policy and political issues, which are related to the Thai economy. doi:10.1162/ASEP_a_00386 127 Asian Economic Papers
Asian Economic Papers – MIT Press
Published: Oct 1, 2015
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