Analysis of Fiscal Sustainability under a Concept of Fiscal Space
คำสำคัญ:
Fiscal Sustainability, Fiscal Space, Thailandบทคัดย่อ
This paper employs the concept of “fiscal space” to examine the Thai fiscal sustainability. The idea is to
estimate fiscal response function of public debt to fiscal balance, which can be used to calculate the level of
debt to GDP ratio in equilibrium together with its ceiling. The results show that the equilibrium of debt to GDP
in Thailand is at 45.3 percent which is quite close to its current level. Moreover, it is found that the ceiling of
debt to GDP ratio is at 60 percent which is consistent with the Thai Ministry of Finance’s policy framework on
fiscal sustainability.
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