The Implication of Central Bank Independence: The case of Thailand

Santitarn Sathirathai, Member, Monetary Policy Committee, Bank of Thailand

This session will be a policy-focused fireside chat examining the politics of central banking in Southeast Asia, with emphasis on Thailand. The discussion will explore how political pressures shape monetary policy, what “independence” and accountability should look like in practice, lessons since the Asian Financial Crisis, alternate policy frameworks when growth is weak and inflation is low, and implications for the Bank of Thailand and peers in ASEAN. Questions will draw on recent regional developments and an academic literature that finds independent central banks better at price stability than growth. Dr. Santitarn will reflect on Bank–government relations, legitimacy, and proposals such as productivity or lending targets, as well as regional inflation/debt challenges.

Moderated by Richard Yarrow, Fellow, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School

Limited to Harvard ID holders.