일본계 은행 자금의 유출입이 태국의 외환위기에 미친 영향

This paper pays attention to the role of massive inflow and abrupt outflow of the Japanese banks' loan in generating the Thailand's currency crisis in 1997. The plunge of yen value after 1995, combined with the collapse of Japanese asset markets in 1990s, badly aggravated the BIS capital/asset ratios of the Japanese banks. The Japanese banks responded to the aggravating capital/asset ratios by refraining from giving additional credits and eventually withdrawing the existing loans from Thailand. The huge withdrawal by the Japanese banks triggered other foreign banks to engage in competitive retreat from the Thailand's credit market. This paper points out that the Japanese banks' sudden holdback and/or massive withdrawal, caused by weak yen against dollar and falling asset prices in Japan, was a major external factor to generate the Thailand currency crisis. The external factor complements the internal factors in Thailand, such as mismanagement of exchange rate, bust of bubble, and hasty capital liberalization, in explaining the Thailand currency crisis.