Direction of monetary-base expansion decisions relative to trend. Separate from fiscal.transfer_expansion even when correlated.
De jure and de facto independence of the central bank from fiscal authority. Per D.1.5 scope, one of the framework's defensible monetary positions.
Bank of Thailand defended the basket-pegged Baht against speculative attacks from late 1996 through 2 July 1997 float. Gross reserves fell from ~$39bn (end-1996) to ~$32bn (end-May 1997), but BoT also accumulated ~$23bn of forward-swap commitments that depleted usable reserves to near-zero at peak defence 14-15 May 1997. Two-tier Baht market imposed 15 May 1997 to segregate domestic and offshore rates and penalise speculation — dismantled January 1998. Reserve-position disclosure failures during defence period contributed to post- crisis governance reform; BoT Governor Rerngchai personally held civilly liable 2003. Nukul Commission Report (1998) published comprehensive post-mortem of BoT decision-making.
Per invariant 3, reforms are scored by what they did on each channel-separated axis, not by the party that enacted them. This fingerprint is how the policy-match engine finds historical analogues.
Explicit links are curated by the author. Inferred links are hypotheses in the library that test the same axes this policy moved — the framework's answer to "what does the data say about a policy like this?".
Ranked by axis-fingerprint overlap with this policy. Direction match bolded — those are the closest historical analogues. Shape of the match is what drives policy-outcome comparison, not the country or party label.