Seminar “Monetary and financial crisis in the economic transformation, a disaster or an opportunity?”

21/03/2009 10:34

Within the framework of the cooperation between University of Economics and Business - Vietnam National University, Hanoi and International Centre for Study of East Asian Development (ICSEAD) - Japan, on 21st March 2009, UEB invited Prof. Hwang-Eui-Gak, a senior professor from the ICSEAD to present in the seminar: “Monetary and financial crisis in the economic transformation, a disaster or an opportunity?”

The seminar drew a wide attention from lecturers of Faculty of International Business and Economics, Faculty of Finance & Banking, and students at the university including those from the joint undergraduate program between the UEB and Troy University (US).

During the seminar, Prof. Hwang-Eui-Gak presented an overview of the current global financial crisis. He also explained its causes as well as the background of the collapse of the US financial market. Looking back on the monetary financial crisis in 1997 - 1998, Prof. Hwang assumed that the Asian financial crisis was a emergent situation, and that the developed countries got less influence. And the current monetary crisis has an opposite tendency and it seems to have no limitation.

The disorderly situation was widespread over many countries and affected the whole market and economies seriously. Based on the situation, Prof. Hwang offered solutions to deal with and to overcome the financial crisis. Finally, he borrowed the statement of writer Robert Penn Warren in his book “All the King’s Men” to conclude his presentation: “the world is like a huge cobweb, only by touching any part of it, the impact can be felt all over the cobweb even at its most remote area and the sleeping spider is awoken by the touch”..

This is a high professional presentation with nice ideas, especially the solution of demand stimulus and current issues for Vietnam. The presentation of Prof. Hwang was highly appreciated about its attraction and topicality in the current crisis. So, participants in the seminar shared their ideas and discussed this issue excitingly.

After 2 hours, the seminar came to an end successfully, which marked a good start for further academic collaboration between UEB and ICSEAD in the near future.

Nguyen Binh Minh