Ekholm, Karolina (2009), Some lessons for monetary policy from the financial crisis. Speech on 4 December 2009, Sveriges Riksbank. BIS central bankers’ speeches  9  Giannone, Domenico, Reichlin, Lucrezia and Lenza, Michele (2008), Explaining the great moderation: It is not the shocks, Journal of European Economic Association, 6(2–3), pp. 621–633. Jakobsson, Ulf (1997), Den svenska devalveringscykeln. (the Swedish devaluation cycle) Ekonomisk debatt, 25 (3), pp. 141–154. Jonung, Lars (1999), Med backspegeln som kompass – om stabiliseringspolitiken som läroprocess. (with hindsight as compass – stabilisation policy as a learning process) Ds 1999:9, Swedish Ministry of Finance. Reichlin, Lucrezia and Baldwin, Richard (2013), Introduction. In Reichlin and Baldwin (eds) Is Inflation Targeting Dead? Central Banking After the Crisis. CEPR/VoxEU e-book. CEPR. Summers, Peter M. (2005), What Caused The Great Moderation? Some Cross-Country Evidence. Economic Review, third quarter 2005. Federal Reserve Bank of Kansas City. Svensson, Lars E.O. (2013), The Possible Unemployment Cost of Average Inflation below a Credible Target, NBER Working Paper No. 19442, National Bureau of Economic Research. Sveriges Riksbank (2011), The Riksbank’s inquiry into the risks on the Swedish housing market. Sveriges Riksbank (2013), Financial imbalances in the monetary policy assessment. Article in Monetary Policy Report, July 2013. 10  BIS central bankers’ speeches  Figure 1. The CPIF Annual percentage change 4  4  3  3  2  2  1  1  0  0 07  09  13  11  15  Note.
Also, the improvement of domestic consumption and investment are slow due to a cautious private sector’s confidence. Externally, Thai economy is affected by the current uneven recovery of global economy which hinders Thai export growth. However, Thai economy is expected to recover up to 3.8% GDP growth this year from a mere 0.8% last year. Private consumption and the government expenditures will play key roles for 2015 outlook. 4. On the bright side, Thailand has been riding on the back of China’s economic prosperity. In other words, the regional prospect has pinned on improvement in intraregional trades of goods and services. China’s economic figures may be somewhat lower than its historical average, as a result of the sluggish recovery of the global demand and the continued structural reform in China. However, China growth rate is still at a satisfactorily high level. And China has yet remained an important engine in support of the growth of the Thai export sector. For the past few years, Thailand has become one of the most popular destinations among Chinese tourists, thanks to popularity of the ‘Lost in Thailand’ movie. Each week, hundreds of flights between Thailand and China have been landed to accommodate the increasing interest of Chinese visitors. We value this considerably as it not only helps boost the tourism and services sector of the Thai economy, but also tightens our cultural connections. 5. As we all know, Chinese economy has become a necessary ingredient for our secret recipe for the past decade.