Guest Lectures and Seminars |
Causes of the 1997-1999 Asian Economic Crisis and Lessons for Vietnam | ||
Presented by: | Prof. Nguyễn Thiện Nhân, Vice Chairman | |
People’s Committee of HCMC | ||
Date: | May 09, 2003 at FETP | |
The 1997-1999 Asian Crisis is over, but one big question remains among economists and policy makers: why did we fail to predict it? Professor Nguyen Thien Nhan developed his own model to answer this question. In his model, the economic and financial crisis was the consequence of an accumulation of basic factors: weaknesses within the corporate and financial sectors, the appreciation of local currencies, an lack of national liquidity. These factors worsened over time, interacting with each other to exacerbate the situation, ultimately culminating in the currency crash. Today, the lessons of the Asian Crisis remain directly relevant to the Vietnamese economy, which is faced with many of the same weaknesses that contributed to the regional crisis six years ago. In his lecture, Professor Nhan emphasized the need to understand thoroughly the importance of efficiency at the micro- and macro-level. He also advocated the establishment of a government watch-dog to monitor relevant economic indicators, including inflation, exchange rates, interest rates, current account balances, national debt, industry efficiency, and to propose proper policies to ensure a sustainable develoment. | ||
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