ระบบ Currency Board และระบบอัตราแลกเปลี่ยนที่เหมาะสมกับประเทศไทยภายใต้สภาวะเศรษฐกิจภายในประเทศและสภาวะเศรษฐกิจ และการเงินโลกในปัจจุบัน / ไตรรัตน์ บุญราช = Currency board system and the optimal exchange rate regime for Thailand under the current internal and external economic circumstances / Trirat Boonrat
The objectives of this study are to explore choices of exchange rate regimes, to analyze the impact of applying currency board system for Thailand, and to make a recommendation about the optimal exchange rate regime for Thailand under the current internal and external economic circumstances. This thesis uses the descriptive method with the past empirical works to find the appropriate exchange rate regime for Thailand. From experiences of several countries such as Hong Kong, Argentina, Estonia and Lithuania that applied the currency board system, the system has proven to be very useful in stabilizing economic performance in particular in controlling the rate of inflation. Due to the fact that the currency board system is one among many ways of fixing the rate of exchange, the implementation of monetary policy has become strictly and its result is costly to the economy. Moreover, under the current economic situation, the study finds that the use of currency board is not appropriate for Thailand. While the flexible exchange rate regime such as the managed floating rate system used now would be appropriate for the country than the fixed exchange rate under the current internal and external circumstances. From the past empirical works, the Purchasing Power parity does not hold for the case of Thailand, and it results in the changes in the real exchange rates can influence the competitiveness of the Thai export. Additionally, the low rate of inflation or the controllable rate of inflation in Thailand after the crisis in 1997 and the flexibility of the exchange rates would support the monetary authority in managing the Thai economy.