Asymmetric impacts of oil price shocks on key macroeconomic variables are caused by some important effects, such as income effect, uncertainty effect, precautionary saving effect, irreversible investment and reallocation effects. Due to these effects, output and prices respond diferently to oil...

This paper analyzes the relationship between inflation and economic growth in Thailand using annual dataset during 1990 and 2015. The threshold model is estimated for different levels of threshold inflation rate. The results suggest that the threshold level of inflation above which inflation...

This paper attempts to examine how the policy rate as a monetary policy stance reacts to output and price level in Thailand during 2005Q1 and 2016Q2. An empirical relationship that characterizes the way the Bank of Thailand adjusts its policy rate to output growth and inflation is identified....

This paper examines the relationship between government revenue and spending in Thailand using a nonlinear framework. Both TAR and MTAR models are estimated. The empirical results from the estimate of the TAR model show the presence of asymmetry in the long-run relationship between revenue and...

This paper explores the validity of the tourism-led growth hypothesis for Thailand using quarterly data during 2006 and 2017. The results from the residual-based test for cointegration show that the positive long-run relationship between tourism receipts and real GDP is linear when taking into...

This paper explores the degree of exchange rate pass-through to domestic prices in Thailand using quarterly data from 2000Q1 to 2017Q4. Johansen cointegration tests are employed in the analysis. The degree of exchange rate pass-through is found to be partial and modest. The stable pass-through...

This paper employs monthly data to examine the impact of oil price shocks on the domestic inflation rate in Thailand from 1993 to 2016. Both linear and nonlinear cointegration tests are used to examine the long-run relationship between price level, industrial production and the real price of...

This paper examines the relationship between government revenue and spending in Thailand using both linear and nonlinear cointegration techniques. A residual-based cointegration test with an unknown structural break is used to detect the linear long-run relationship between government revenue...

The notion that more government expenditures can stimulate growth is controversial. The causation between government expenditures and economic growth in Thailand was examined using the Granger causality test. There was no cointegration between government expenditures and economic growth. A...

This paper examines the relationship between stock market return and two main macroeconomic variables (output growth and money growth) in Thailand during 1997Q3 and 2017Q4. The results from Markov switching vector autoregressive model reveal that there is regime switching between the bull market...