The impact of central bank policy on Thai banking development: the ARDL approach
by Kanokporn Intharak; Surachai Chancharat; Jakkrich Jearviriyaboonya
International Journal of Economic Policy in Emerging Economies (IJEPEE), Vol. 18, No. 3/4, 2023

Abstract: Impacts of monetary policy and macroprudential policy were investigated on macroprudential, foreign currency-based capital flow, and residency-based capital flow measures in relation to Thai banking development. Measurement of banking development including financial depth, financial stability, financial efficiency, and financial inclusion associated with the central bank policy was assessed from 2004 to 2019 using the ADRL-bounds testing approach. Results showed that monetary policy and tightened and loosened macroprudential policy posed significant positive and negative impacts on Thai banking development. Policymakers should implement changes carefully to reduce unintended consequences hampering the domestic banking sector, other domestic financial markets, and international financial markets.

Online publication date: Tue, 30-Jan-2024

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