The Nukul Commission Report - Analysis and Evaluation of the Facts behind Thailand's economic crisis. English Translation by the Nation Multimedia Group. Hardcover. First Edition. The economic crisis, which emerged in 1997, was one of the worst in the Thai economic history. But their causes in this time were different as they came from within; in other words, we have created the problems onto ourselves from the rapid increases in foreign borrowings in the two to three years prior to the crisis. Even if the authorities were able to foresee the crisis but they lacked decisiveness in implementing preventive measures. Once the problems have arrived, they also lack the courage to use measures, which may be politically unpopular to tackle them. The measures eventually adopted whether in the case of intervening to defend the baht or to use funds from the Financial Institutions Development Fund (FIDF) to assist financial institutions could only help to buy time. These result consequently in very high costs to the country with burden on the businesses and the people for a long time to come. In writing this report for the Ministry of Finance, the Commission invited relevant people to separate hearings, comprising former deputy prime minister, former finance ministers, former governors of the Bank of Thailand, former permanent secretary for finance, and officials of the Bank of Thailand and representatives from the private sector. The Commission hoped that this report will bring benefits as aspired by the Finance Ministry to have it studied and recommend ways and means to improve efficiency and management of the country's financial system. The Commission had conducted the study of the crisis and presented a report with recommendations for policy decisions, management, and implementation. The analysis had been done systematically with experience. All errors made in the past had been used as input to summarise recommendations in order to improve the working of the Bank of Thailand and related agencies for accountability and transparency in the future, which will restore confidence in the financial system and financial institutions of the country.
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