Conviction of a former central banker in Thailand

I read Penalties for bad central bankers by Marginal Revolution and I wonder if Bangkok will take a check? by Daniel Drezner with interest. They are interesting, but, when I read the articles on the conviction of Mr. Rernchai, the former governor of Bank of Thailand in 1997 when the crisis erupted in Thailand, I hit on several other points:

1. Crisis of Thailand was caused not by a single central banker, but a result of the organizational malfuction. Nukul Commission report was quite informative on the facts that led to the crisis in 1996 and 1997.

2. The people of Thailand seem to be quite considcerate when somebody commits a civic crime. Other senior officials both at MOF Thailand and Bank of Thailand seem to survive the crisis personally although some of them were given some less important positions. Mr. Rernchai was expected to take all responsilibities himself. I am also interested in knowing how he is going to be treated after the conviction is confirmed.

I always recommend my friends to read the Nukul Commission Report as it is an informative case study of a currency crisis. I would even say that a malfuction of financial and monetary authority is one important cause of a currency crisis of Thailand.

リンク: danieldrezner.com :: Daniel W. Drezner :: I wonder if Bangkok will take a check?.

http://www.marginalrevolution.com/marginalrevolution/2005/06/penalties_for_b.html