Seminar on Wall Street Financial Crisis Closed
The two-and-half-hour seminar on the Wall Street Financial Crisis wrapped up on November 27. The seminar was co-organized by the Asia-Pacific Finance and Development Center and the World Bank, focusing on the trend of the crisis and the countermeasures of the Asian Economies. Chaired by Dr. Likouqing, Deputy Director-General of Asia-Pacific Finance and Development Center, more than 100 people simultaneously participated in the seminar through the Global Development Learning Network at Shanghai, Beijing, Hanoi, Ho Chi Minh City, Colombo, Manila, Ulaanbaatar and Tokyo.
The event is the first seminar of the Distance Learning Seminar Series which aim to provide opportunities to the government officials and experts to discuss the latest hot issues in the finance and development area the Asia and Pacific region.
Lately, as the financial crisis starting from the Wall Street escalated, it has spread to the EU, Japan and other regions. Many financial institutions collapsed and the real economy scoters of many Asian countries were impaired by the impact of the crisis. What are the causes of the financial crisis? What are the similarities and differences between the crisis and the one in the late 1990s? How will the crisis evolve? What the Asian economies can do to deal with it? In attempt to answer these questions, David Dollar, the Country Director for China and Mongolia, made the first presentation in Beijing on the causes, impact and lessons of the crisis and compared the two crises. Yang Jinlin, Deputy Director-General of AFDC in Beijing, Federicl Macaranas, Executive Director of Asian Institute of Management in Manila, and Nguyen Van Tao, Director of Institute of Financial Training of Vietnam talked about the impact on each own country and shared the measures taken by their governments. Following that, Dr. Li engaged participants from all sides in discussion of economic policy coordination, difference of the stimulative package between China and US and how to avoid vicious inflation while stimulating economic growth.
In the seminar, participants exchanged information of the countermeasures adopted by China, the Philippines, Vietnam and US to fight the crisis, and discussed the causes and the transmission mechanism of the crisis. Philip Karp, Regional Coordinator of the World Bank, summarized the seminar in Tokyo before it was closed.
