In this paper, researchers analyzed how opening up trade in Thailand before the 1997 financial crisis affected the economy. They focused mainly on real goods and services, not finances. They used a Computable General Equilibrium (CGE) model, a tool that helps understand the impact of policy changes. The study looked at different economic sectors, like agriculture or manufacturing, to see how they might react to lower tariffs. Interestingly, the model didn't predict the actual financial crisis that followed the trade liberalization. Overall, the research showed that trade policies can have significant effects on a country's economy, both positive and negative.