Policies·th_sec_act_1992

Thailand Securities and Exchange Act 1992

THA·1992 – ·enacted 1992-03-16·Technocratic interim cabinet under PM Anandcandidate

movesfinancial deregulation↑rule of law↑

What the policy did

Securities and Exchange Act B.E. 2535 (1992) enacted 16 Mar 1992 established Securities and Exchange Commission of Thailand (SEC) as independent statutory regulator; modernised disclosure, listing, and market-conduct rules. Part of the Anand technocratic reform wave alongside VAT and telecom reforms; foundational for 1990s capital- market deepening.

Policy-content fingerprint — what this policy moved, on which axes

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.

intended

↑

financial deregulation

regulatory.financial_deregulation

Financial-sector regulation — banking separation, capital requirements, cross-border activity rules, derivatives oversight.

increased · strong

tighter financial regulation

Statutory securities regulator established; capital-market framework modernised.

↑

rule of law

institutional.rule_of_law

Rule of law as institutional substrate — contract enforcement, judicial independence, equal treatment before the law. Upstream of most other axes.

increased · moderate

stronger rule of law

Enforceable market-conduct and disclosure regime.

Enacted by

thailand_anand_panyarachun_technocrat_1991_1992

Empirical evidence — linked hypotheses

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?".

El Salvador's FDI inflow, real-GDP growth, tourism arrivals, and business-formation rate accelerated under the Bukele era (2019-2024) relative to a Central American peer-country donor pool (Honduras, Guatemala, Nicaragua, Costa Rica, Panama, Dominican Republic).

bukele_fdi_gdp_investment_climate_2019_2024inferred

viainstitutional.rule_of_law

PARTIAL — mean_gap=-0.697, |gap|/pre_sd=1.2, p_perm=1 (gap below 0.5×pre_sd or placebo p≥0.10)

partial

Across a pre-registered panel of OECD and major emerging-market economies from 1996 to 2023, stronger rule-of-law institutions predict deeper private credit intermediation after country and year fixed effects and basic macro controls.

market_order_rule_of_law_private_credit_depth_panelinferred

viainstitutional.rule_of_lawregulatory.financial_deregulation

PARTIAL — coef=+4.153, p=0.513 (above α=0.1); direction inconclusive

partial

Following El Salvador's perceived success with the régimen de excepción (March 2022 onward) and the homicide-rate collapse, multiple Latin American jurisdictions enacted Bukele-style emergency measures: Honduras (Estado de Excepción in select municipalities, December 2022), Ecuador (Estado de Excepción + designation of gangs as terrorist organisations, January 2024), Peru (Estado de Emergencia in Lima/Callao, 2023-).

latam_bukele_imitation_effect_homicide_security_stateinferred

viainstitutional.rule_of_lawregulatory.financial_deregulation

PARTIAL — ATT=+0.03571, p=0.598, N=99, treated_countries=1 (above α=0.10)

partial

Across countries 1990-2020, higher capital-account openness (proxied by EFW area-4 freedom-to-trade-internationally sub- components covering capital controls, plus IMF AREAER-derived binary capital-control intensity where available) predicts higher subsequent 10-year real per-capita GDP growth, conditional on initial income, rule-of-law level, trade openness, and financial- development depth.

liberal_capital_account_openness_growth_premium_panelinferred

viainstitutional.rule_of_lawregulatory.financial_deregulation

PARTIAL — coef=+1.115e-17, p=0.0255; effect magnitude effectively zero

partial

Major episodes of financial deregulation — the 1999 US Gramm-Leach- Bliley repeal of Glass-Steagall, the 1986 UK Financial Services Act ("Big Bang"), Chile's 1974-1981 banking liberalisation, Sweden's late-1980s credit-market liberalisation, and Japan's 1996-2001 Big Bang — are followed within 10 years by higher-than-baseline incidence of banking crises, measured by the Laeven-Valencia Systemic Banking Crisis Database, and by elevated credit-to-GDP gaps per BIS.

financial_deregulation_crisis_vulnerabilityinferred

viaregulatory.financial_deregulation

SUPPORTED — sign matches claim +, ATT=+0.04145, p=3.34e-07, N=302, treated_countries=8

supported

Across a pre-registered panel of OECD and major emerging-market economies from 1996 to 2023, stronger rule-of-law institutions predict faster real GDP per capita growth after country and year fixed effects and basic macro controls.

market_order_rule_of_law_gdp_pc_growth_panelinferred

viainstitutional.rule_of_law

PARTIAL — coef=-0.08348, p=0.913 (above α=0.1); direction inconclusive

partial

Across a pre-registered panel of OECD and major emerging-market economies from 1996 to 2023, stronger rule-of-law institutions predict higher high-technology export intensity after country and year fixed effects and basic macro controls.

market_order_rule_of_law_high_tech_exports_panelinferred

viainstitutional.rule_of_law

PARTIAL — coef=+0.621, p=0.746 (above α=0.1); direction inconclusive

partial

Across a pre-registered panel of OECD and major emerging-market economies from 1996 to 2023, stronger rule-of-law institutions predict higher private and total investment shares after country and year fixed effects and basic macro controls.

market_order_rule_of_law_investment_share_panelinferred

viainstitutional.rule_of_law

PARTIAL — coef=-0.3477, p=0.814 (above α=0.1); direction inconclusive

partial

Similar historical policies

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.

India SEBI Act — statutory securities regulator 1992

IND·1992

match

1.7

financial deregulationrule of law

South Korea IMF Programme + structural reforms 1997-1998

KOR·1997

match

1.7

financial deregulationrule of law

South Korea real-name financial transaction system 1993

KOR·1993