Intergovernmental Panel on Climate Change (2021), “Climate change widespread, rapid, and intensifying – IPCC”, press release, 9 August; and Intergovernmental Panel on Climate Change (2022), “The evidence is clear: the time for action is now. We can halve emissions by 2030.”, press release, 4 April. 4. Deaton, A.
One can readily understand that the purchase of unhedged short-term dollar liabilities to be invested in Thai baht domestic loans (counting on the dollar exchange rate to hold) would at some point trigger a halt in lending by Thailand’s banks. But why did the economy need to collapse with it?