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Transmission of the Subprime Crisis to the Thai Economy via an International Trade Channel

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The menace of the subprime crisis in the United States started at the beginning of 2007, when more than 100 mortgage-lending companies went bankrupt. The crisis has been considered the worst financial catastrophe since the Great Depression. Its effect has led to a sharp contraction in global trade and caused a worldwide recession. The crisis was triggered by a skyrocketing rise in delinquencies and foreclosures in subprime mortgages, which refer to a type of mortgage both targeting borrowers with low credit ratings and possessing a higher interest rate than characterizes the normal ‘prime rate’.1 The main cause of subprime delinquencies came from the burst bubble in the US housing market following the peak in housing prices in mid-2006. Publication date: 2552

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