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11 results on '"Lerskullawat, Attasuda"'

3. Financial development and monetary policy transmission : the case of Thailand

Author

Lerskullawat, Attasuda

Subjects
330, DS Asia, HC Economic History and Conditions
Abstract

This thesis aims to examine the channels of monetary policy transmission relating to the banking sector (mainly the bank lending channel, firm balance sheet channel and the interest rate channel), and also to investigate the effect of financial development on these channels in Thailand. We first examine the bank lending channel by introducing the micro-data based study (bank panel data) and using the panel data estimation (fix effect, 2SLS, and GMM estimation). Our result confirms the theoretical aspect of the bank lending channel and we also found that the higher the banks’ size, liquidity, and capitalization will weaken the bank lending channel. The second study will investigate the firm balance sheet channel by examining the effect of firms’ financial condition on firms’ investment and using the GMM estimation. We also found that the less financial constraint firms will have a weaker effect of monetary policy via the firm balance sheet channel than the more financial constraint ones. The third study will examine the interest rate channel by focusing on the interest rate pass-through and using the VECM cointegration technique. We found the pass-through in both long-run and short-run with a relatively high degree in long-run than short-run. For the effect of financial development, we found that banking sector development, capital market development, financial liberalization, financial innovation, and financial competition will cause a weaker effect of the policy interest rate via the bank lending channel and the firm balance sheet channel. However, all of these different aspects of financial development (except the banking sector development) shown a stronger effect on the interest rate pass-through and hence strengthen the interest channel.

Published
2014

6. The Effect of Financial Innovation on Economic Growth in Transition Countries.

Author

Thi Thuy Huong Luong, Lerskullawat, Attasuda, and Laosuthi, Thanarak

Subjects
*BOND market, *ECONOMIC expansion, *FINANCIAL markets, *BANKING industry, *BANK marketing
Abstract

This paper aims to explore the effect of financial innovation on economic growth in 28 transition countries from 2004 to 2021. Financial innovation is categorized based on the structure of the financial system, including commercial banks, non-commercial banks and financial markets. By applying difference GMM estimation, the research demonstrated a significant positive effect of financial innovation in commercial banks and non-commercial banks on economic growth. The results show that a greater number of financial innovations in terms of products and services, processes, technology and function in commercial banks and non-commercial banks would result in higher economic growth in transition countries. In contrast, financial innovation in financial markets indicates significantly negative effects on economic growth. Introducing complex products in stock and bond markets in underdeveloped financial markets probably lead to the volatility and fragility, reducing economic growth. The results of this research contribute to issuing crucial policies that employ financial innovation as an impulse for spurring economic growth in transition countries. [ABSTRACT FROM AUTHOR]

Published
2024
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7. Financial development and asset price reaction to monetary policy: case study of Thailand

Author

Lerskullawat, Attasuda

Abstract

Recent studies in many countries have examined the reaction of asset prices to monetary policy; however, few have investigated the effect of financial development on this reaction, including in the case of Thailand. This paper aims to examine asset price reaction to monetary policy and the effect of financial development, including banking sector and capital market development, on this reaction in Thailand from January 2007 to December 2018. The paper also analyses these reactions in different industrial sectors. The results show that asset prices have a significant negative reaction to monetary policy, while financial sector development leads to a higher reaction. This reaction is especially high in industry groups which have relatively low returns. The study raises a policy implication for Thailand and other countries in the use of financial development to control asset price reaction and the economy.

Published
2023
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