• Thanong
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Thanong
Thanong Khanthong
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Sunday , July 8 , 2007
Mini series on 1997 crisis (17)
Posted by Thanong , Reader : 801 , 15:41:24  
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Time For a Sweet RevengeFOLLOWING the creation of the split offshore and onshore markets, Phaiboon Kittisrikanwal, the Bank of Thailand’s chief treasurer, had his sweet revenge. He quietly entered the market to squeeze the speculators, forcing them to reverse their positions by spitting out the dollar and buying the baht back to cover their positions.By the way, Phaiboon was the one who had the unlim....


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Mini series on 1997 crisis (16)
Posted by Thanong , Reader : 793 , 15:10:46  
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Playing HardballWHAT should a central bank do when its currency comes under an attack? Normally, there are three ways to respond. First, the central bank may intervene in the foreign exchange market to prop up its currency. Second, it may raise the interest rates sky-high to raise the cost of the attack. Third, it may restrict capital flows or impose capital controls.In the previous rounds of the bah....


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Mini series on 1997 crisis (15)
Posted by Thanong , Reader : 740 , 15:06:51  
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Licking the WoundsIn his office that morning of Thursday, May 15, 1997, Rerngchai summoned Dr Chaiyawat Wibulsawasdi, Siri Garnjaroendee, Thanya Sirivedhin, Bandid Nijathaworn, Praphai Suwannarat, who was Bandid's deputy, and Phaiboon for a crisis meeting.He would like to hear some immediate policy options.Bandid was extremely nervous and expressed fears about a possible collapse of the currency peg ....


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