The Royal Treasury and Public Finance for Thai Society under the Democratic Regime: The case of the Economic Crisis and the Transfer of Private Debt to Public Debt

Abstract

With regard to this research article, the author makes an attempt to study financial problems about “Klang luang”, fiscal budget and factors that have effect on budgeting and financial administration of the country, “the author emphasizes that ‘government officials who involved in monetary and fiscal management’ must dare to prevent any damage in the next future about the cause of ‘Thai economic crisis’ ”, especially three main points; first of all, officials who were experts holding specific positions  did not play their role to pursue their knowledge and ability in preventing or relieving national economic crisis; the fund-raising scheme “Phapa Chuay Chart” to be used for other benefits; and do not do or use this fund-raising “scheme: Phapa Chuay Chart”. The author are try to answer the result of research finding in the painful era of “Tom Yum Kung Crisis, the transfer of private debt to public debt and suggestion about Public finance in society.

Based on from the Tom Yum Kung economic crisis in 1997 were found as well as a transfer of private debt to public debt that was approve to officials/politicians who had knowledge and expertise in economy and economics, but did not do their best in their positions as being experts; for example, in adopting the floatation of the baht policy on “2 July 1997”. Later, there was an attempt for money donation made in foreign currencies and gold to help the country, officials and those who gained power made their effort and intended to gather the account of the donated gold and money to be used in paying the country’s debt which was not in accordance with the purpose of donators. This loss of ‘economic independence (1997)’ came from, wrong policy decision making of Thai politician (1997), and “bureaucratic officials in the Public Finance”.