Research Full Article

UDC 327

Abstract. The purpose of this article is to examine the effectiveness of the “helicopter money” policy implemented in Thailand in 2024–2025 as an instrument of anti-crisis economic stimulation under conditions of inflationary pressure and declining consumer demand. Based on the analysis of macroeconomic indicators and government support mechanisms, the paper explores the implementation of direct cash transfer programs and their impact on aggregate demand and inflation dynamics. Particular attention is paid to the role of the central bank and the coordination between monetary and fiscal policies during the implementation of the program. Methodology. The study applies methods of comparative and systemic analysis, macroeconomic modeling, and scenario forecasting. The research framework is grounded in the monetary stimulation concepts of M. Friedman and B. Bernanke, as well as modern post-Keynesian approaches to aggregate demand management. Scenario modeling of the program’s impact on economic activity was conducted using data from the Bank of Thailand, the IMF, and national statistical agencies. Results. A model has been developed to assess the short- and medium-term effects of the “helicopter money” program on domestic demand, GDP, and inflation. The findings show that with payments amounting to 2% of GDP, aggregate consumption increased by 4–5%, while inflation remained within the target range. The study substantiates the effectiveness of targeted transfers as a mechanism for reducing fiscal risks and improving the precision of social support. Recommendations are formulated for adapting this tool to developing economies, taking into account fiscal constraints and the level of financial digitalization. Conclusions. The experience of Thailand confirms that the “helicopter money” policy can serve as an effective temporary instrument for economic stabilization during crises, provided it is coordinated with monetary and structural policies. In combination with digital distribution platforms and targeted approaches, this mechanism can stimulate domestic demand without triggering excessive inflation. The proposed model represents a balance between social support and macroeconomic stability, making it a promising policy tool for other developing countries.

Keywords:helicopter money; anti-crisis policy; aggregate demand; inflation; Thailand

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