and p - o. gourinchas ( 2008 ), “ an equilibrium model of “ global imbalances and low interest rates ”, american economic review, march 2008, 98 ( 1 ), 358 – 93. caballero, r. j., e. farhi, p - o. gourinchas ( 2015 ), “ global imbalances and currency wars at the zlb ”, nber working paper no 21670, october 2015. caballero, r. j. and e. farhi ( 2015 ), “ the safety trap ”, nber working paper no 19927, february 2015. carney, m. ( 2016 ), “ redeeming an unforgiving world ”, speech given at the 8th annual institute of international finance g20 conference, shanghai 26 february 2016. cecchetti, s. and k. l. schoenholtz ( 2016 ), “ how low can they http : / / www. moneyandbanking. com / commentary / 2016 / 2 / 28 / how - low - can - they - go. go? ”, christiano, l., m. eichenbaum and s. rebelo ( 2011 ), “ when is the government spending multiplier large? ”, journal of political economy, 2011, 119 ( 1 ), 78 – 121. cook, d. and m. b. devereux ( 2014 ), “ exchange rate flexibility under the zero lower bound, ” globalization and monetary ”, cepr discussion paper no 10202, october 2014. cook, d. and m. b. devereux ( 2013 ), “ sharing the burden : monetary and fiscal responses to a world liquidity trap ”, american economic journal : macroeconomics, july 2013, 5 ( 3 ), 190 – 228. devereux, m. b. and j. yetman ( 2014 ), “ capital controls, global liquidity traps, and the international policy trilemma ” scandinavian journal of economics, 01 2014, 116 ( 1 ), 158 – 189. ecb ( 2015 ), “ the international role of the euro ”. eggertsson, g. b. and n. r. mehrotra ( 2014 ), “ a model of secular stagnation ”, nber working paper no 20574, october 2014. eggertsson, g. b. and p. k

m r chatu mongol sonakul : corporate challenges in the new millennium speech by m r chatu mongol sonakul, governor of the bank of thailand, at the annual business awards gala dinner of the netherlands - thai chamber of commerce held in bangkok, 17 may 2001. * * * your excellencies, distinguished guests, ladies and gentlemen, first, let me thank mr. jan de kam, president of the netherlands - thai chamber of commerce for inviting me to give the keynote address for this annual business awards gala dinner, an occasion that exemplifies the co - operative relationship between the netherlands and thailand that dated back through time since 1602. at the time, the dutch east india company had already begun trading with the southern part of siam through their main trading station in batavia, indonesia. several years later, it opened its ayutthaya trading post and became very influential during the reign of king prasat - thong. and indeed, one of the best historical accounts of the ayutthaya dynasty was written by a director of the dutch east india company in siam, mr. jeremias van vliet. now in 2001, our co - operative relationship continues. many prominent corporations of the netherlands remain their presence in thailand, including philips, shell ( royal dutch ), unilever, heineken, and abn amro, only to name a few. by now, it is generally accepted that the tide of globalization is here to stay. so, we must heartily embrace the process and take the best opportunities offered by the integration of the global communities while limit the potential adverse consequences that come along with the process. to do this, we must reexamine ourselves to review our weaknesses and our strengths. after all, there was an old chinese saying : " if you know the enemy and know yourself, you need not fear the result of a hundred battles. if you know yourself but not the enemy, for every victory gained you will also suffer a defeat. if you know neither the enemy nor yourself, you will succumb in every battle. " thailand learned her first - hand lessons the hard way and had opportunities to reexamine herself in detail in the past couple years. several weaknesses were identified. prominent in the list is, of course, we do not fully know our enemies. this has already been partially remedied by simply being part of the game, staying competitive in the world market, and actively participating in the new knowledge