| Abstract: | The years following 1997 divide themselves into three roughly equal periods. The first was the painful period of deleveraging from the excesses of the bubble before the crisis, from which the economy emerged with more dependence on exports. The second period covered the government under Thaksin Shinawatra, who faced a mostly favorable external environment, and was therefore able to pursue many populist policies. Eventually, he was brought down by the military. The brief military government was followed by a number of short‐lived governments, the last one of which was left to tackle the consequences of the global financial crisis, which led to a very deep downturn but a quick recovery. |
