Showing 1-10 of 28 results
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Thailand's central bank dependence
Oped, Thitinan Pongsudhirak, Published on 23/02/2024
» To proponents of central bank independence, the ongoing friction between Prime Minister and Finance Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput appears straightforward. The prime minister is putting unwarranted and unfair pressure on the central bank governor to spur the economy by loosening monetary policy and cutting interest rates. Yet, on closer scrutiny, the entrenched politicisation of central banking in Thailand may suggest otherwise. There is more than meets the eye in the politics of interest rate cuts.
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Deja vu as charter court weighs MFP ban
Oped, Thitinan Pongsudhirak, Published on 12/01/2024
» It is déjà vu in Thai politics this month as Thailand's biggest elected political party and its leader face Constitutional Court verdicts that could lead to a familiar dissolution and ban. At issue is the political future of Pita Limjaroenrat and the fate of the Move Forward Party (MFP), which he led to a stunning victory at the election last May. However the verdicts come out, they might be perceived by pundits as decided by the political winds of the day.
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Tolerating populism for democracy
Oped, Thitinan Pongsudhirak, Published on 13/10/2023
» The so-called “super deal” in August that resulted in the return of Thaksin Shinawatra and the formation of the Pheu Thai Party-led coalition government under Srettha Thavisin evidently has its limitations. It appears to be rejected by sections of the conservative old guard who still wants to resort to extra-parliamentary ways and means to undermine Thailand’s delicate parliamentary democracy. Reminiscent of past protests against Mr Thaksin’s brand of populism, a new round of extra-parliamentary political movement has begun in earnest with the petition launched by 99 prominent economists, including former central bank governors, against the Srettha government’s 10,000-baht digital wallet policy.
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Keeping democratic institutions weak
Oped, Thitinan Pongsudhirak, Published on 22/07/2022
» The worst thing one can do in Thai politics is to run for office and win by a landslide. When this happens, the knives will come out and the massive election winner will be overthrown before long -- one way or another -- because the real source of power in Thailand is unelected. Such was the fate of Thaksin Shinawatra when he spearheaded the Thai Rak Thai Party to win two landslide poll victories in January 2001 and February 2005, first a near majority and later a thumping 75% of the lower house of parliament.
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Russia's war causes regional disarray
Oped, Thitinan Pongsudhirak, Published on 18/03/2022
» President Vladimir Putin's decision to invade Ukraine from Feb 24 is deeply consequential for Southeast Asia, both as a region and Asean as a regional organisation. Even though this region is relatively far away from the cut and thrust of Russia's war in Ukraine, Asean has already encountered new internal divisions stemming from the raging conflict in Europe. As a result, Asean's age-old approach of consensus will likely become more problematic in the search for new and more effective ways of cooperation among like-minded member states.
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Where have the media reformers gone?
Oped, Thitinan Pongsudhirak, Published on 18/02/2022
» After two decades marked by two military coups in 2006 and 2014, Thailand is supposed to be a "reformed" country by now. While all kinds of reforms were promised with each military takeover -- from political parties, parliament and constitution to the bureaucracy, military and police -- none has taken place. In fact, pledged reforms have gone in the opposite direction in the past. Nowhere is this reaction and restoration of old power and interests more evident than in Thailand's media industry.
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The misguided US 'democracy summit'
Oped, Thitinan Pongsudhirak, Published on 10/12/2021
» The United States government under President Joe Biden is putting up the right fight in a counterproductive way in its online organisation of a "summit for democracy" this week. Much touted since he won the election in November last year, President Biden's summit of democracies has proved controversial, with both good intentions and unintended consequences. The real battleground, as clichés about the benefits and drawbacks of democracy go, is to make the case that popular rule where citizens should have rights and freedoms for their own collective self-determination is ultimately preferable and superior than all other forms of government.
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Undue politicisation at finance and BoT
Oped, Thitinan Pongsudhirak, Published on 03/07/2020
» Thailand's economic growth projections continue to head south as the coronavirus crisis unfolds in the second half of the year. In its most recent forecast, the Bank of Thailand anticipates a sharp contraction of 8.1% this year, worse than the 5.3% it predicted in March. Downside macroeconomic risks are substantial as the Covid-19 pandemic could still degenerate and cause further global health and economic havoc. In this dire environment, Thailand will need steady and seasoned hands to oversee macroeconomic levers. Yet both the finance ministry portfolio and the BoT governorship now face uncertainty and potential politicisation that bode ill for effective and autonomous fiscal and monetary policies.
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Thailand's prospects and risks in 2020s
News, Thitinan Pongsudhirak, Published on 31/01/2020
» Notwithstanding recent worldwide celebrations to mark the arrival of 2020, Thailand should be seen as having entered not just a new year but a new decade. Since World War II, Thailand's journey over the ensuing decades meandered through ebbs and flows, overcoming critical bumps and barriers along the way. When 2030 arrives, this country of 70 million predominantly happy-go-lucky people will have faced a prolonged reckoning. While its near-term prospects are likely to worsen, Thailand's long-term future will be either better compared to the past two decades or bad for the long term.
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HK protests in a regional perspective
News, Thitinan Pongsudhirak, Published on 11/10/2019
» When Hong Kong's protest movement against the Extradition Law Amendment Bill began on March 30, few could have anticipated that it would become a full-blown popular revolt. The protesters initially opposed the bill because it would allow the Hong Kong government to detain and extradite fugitives to mainland China. Despite the suspension and subsequent withdrawal of the bill by Hong Kong's Chief Executive Carrie Lam, the protest movement has taken on a life of its own. As its end goals of universal suffrage, an independent inquiry into police conduct and Ms Lam's resignation harden, its endgame appears fraught with risks of intensifying confrontation and violence.
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